Indonesian education startup Cakap has raised US$3 million Series A+ funding to help grow its team and further develop its language tutoring app. The investment will also help business expansion in Indonesia and across the region.
Online education has seen rapid growth in Indonesia, following the government’s new normal protocols where 94 percent of students lost access to education, leading to the acceleration of technology adoption by education stakeholders.
Cakap’s solution helped to bridge the gap during this period to deliver face-to-face learning alternatives through technology, resulting in Cakap’s student numbers growing about tenfold since the beginning of 2020 and 30x compared to the same period last year.
“The key to our success during this pandemic is in our deep understanding of the Indonesian education landscape. Our solution solves the problem of the lack of access to high quality education, not only for students in the big cities, but also for the whole archipalego of Indonesia, including 3rd tier cities and remote areas,” said Tomy Yunus, Co-founder and CEO of Cakap.
Led by Heritas Capital, the funding also involved Strategic Year Holdings and other prominent investors as well as existing investors such as Investidea Ventures and Prasetia Dwidharma.