Cakap Secures US $ 10 Million Series B Funding Co-led by Centauri of MDI-KB and Heritas Capital to Expand Access to High Quality Education
MDI Ventures’ Centauri Fund, Heritas Capital and KB Investment invest in Cakap to advance their technology and expand their markets
Jakarta, Indonesia, December 10, 2021 / PRNewswire / – Cakap, one of the largest Edtech platforms in Indonesia, raised 10 million dollars in an oversubscribed Series B to expand their certified course offering, as well as fuel its market expansion by providing better access to high quality education in Indonesia. The round was jointly led by Centauri Fund of MDI Ventures and Heritas Capital, with participation from KB Investment and other undisclosed investors. Series B cycle concludes the company’s achievements for the right year by achieving its impressive growth through profitability and supporting role of distance learning as a solution to minimize the negative impact of the pandemic in the country.
The respective investors will create added value for the company through the synergy of the largest telecommunications provider, Telkom, to accelerate the expansion of the market nationwide. Supported by Heritas Capital, this will expand the company’s social impact practices. In addition, KB Investment, which is part of KB Financial Group as Korea’s leading financial services provider, with 20 years of investment experience, will also support Cakap’s growth strategy.
Cakap, as a profitable Edtech company over the past 2 years, has managed to build solid credibility and deliver impressive growth by acquiring 1.5 million students, with 500% year-on-year growth in active students and over a million app downloads. Rated 4.9 out of 5 on Google Play Store, Cakap is the country’s top rated educational app.
Tomy yunus, co-founder and CEO of Cakap, declared, âWe are proud and delighted to be part of the massive transformation of education in Indonesia, where we combine high quality learning content, cutting edge technology and professional teachers in our ecosystem to provide the best learning experience for our students. Therefore, to support our mission to improve people’s lives, we are constantly learning about the unique behavior of our students and improving our solution by building our engine around AI and machine learning to provide localized and personalized learning. in order to accelerate the learning progress of students. “
Cakap led the online language courses for the adult and children’s segments in Indonesia. The exploitation of a technological platform allows Cakap to offer its subscription to a service at a much more affordable price than a traditional tutoring service while offering its adult and child students a wide selection of professional teachers. both locally and internationally. Cakap has also broadened its offer in at your own pace learning and certification courses that combine sequential multimedia learning, assessments and LIVE classroom advertising discussions, giving their students great flexibility to obtain certification for new job-specific skills.
The profits will further propel the tremendous momentum enjoyed by the company, which has empowered more than 1,000 teachers in the regions. With this new funding, Cakap aims to improve its learning technology by exploring the implementation of machine learning and artificial intelligence that can further personalize the learning progression for each student through learning. adaptive.
âLooking at the enormous opportunity for access and development in education, we are confident to lead Cakap forward on his next journey of growth. Technological advancement will make Cakap a greater variety of learning opportunities for Indonesian society. It will be useful to give broader impacts on untapped potential markets, “ noted Kenneth li, Partner at Centauri from MDI-KB.
âIn one year since Heritas Capital led Cakap’s Series A + fundraising cycle, we are impressed with the enormous commercial traction and impact achieved by the management team, for the benefit of various stakeholders such as training teachers, retraining workers and helping children learn in the midst of the pandemic. We are happy to support Cakap again as it successfully moves from the enterprise stage to the growth stage with strong execution and high capital efficiency, while further catalyzing access to learning opportunities. affordable and quality lifelong for all in Indonesia and beyond,“ noted Chik Wai Chiew, CEO and Executive Director of Heritas Capital.
Although offline schools are starting to gradually return, the Indonesian government believes that the growth of the Edtech sector will remain strong as blended learning is required to complement in-person learning. Rachmadi Widodo, Director of Primary Education Teachers, Ministry of Education, Culture, Research and Technology of the Republic of Indonesia, in the discussion of the Cakap media meeting (10/27) said, âEdtech will always be needed for students as it is also our goal to turn education into a digital platform. In addition to getting it from schools, we believe Edtech will equip students with a broader landscape of international-scoped knowledge and critical thinking skills. We always support Edtech initiatives because we recognize that their goals will always be aligned with our mission: to improve the development of education in Indonesia. ”
Cakap aims beyond the expansion of new markets and technological advancements. It is consistency in providing equal opportunities to Indonesians to access high quality skills and to continuously support the development of human capital through their initiatives, Cakap For The Nation (Cakap Untuk Bangsa) and Cakap Teacher Academy. Cakap focuses on the development of local communities and encourages economic and social empowerment to support Indonesia Maju 2045.
Cakap is one of the largest Edtech platforms in Indonesia which develops online learning applications with two-way interaction between students and professional teachers via video calls and text conversations. Our proprietary education platform enables two-way learning interactions for learning life skills through Asia Pacific. Available on Google Play and App store reach different segments of students, because everyone deserves a quality education. CAKAP provides educational solutions with an international standard learning program to provide the best online learning experience. #MakinCakap
About MDI Ventures
MDI Ventures is a more than $ 840 million multi-stage venture capital firm of indonesia largest telecommunications company. It is the largest technology investment firm in the country and has one of the best performing funds in Asia. The company’s global portfolio covers a wide range of industries including healthcare, logistics, fintech, deep tech, consumer tech, and more. The holding company PT Telekomunikasi Indonesia Tbk (Telkom Group) is a public enterprise of the Republic of Indonesia. The company is listed on the Indonesian Stock Exchange (IDX: TLKM) and has a secondary listing on the New York Stock Exchange (NYSE: TLK).
About KB Investment
KB Financial Group is Korea’s leading financial services provider offering a wide range of financial products and services. The Group was founded in 2008 to better serve its customers, promote growth and create value in a rapidly changing financial environment. Our main assets are expertise, a large customer base, a vast distribution network and a strong brand. The group has 13 subsidiaries, including: KB Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, Prudential Life Insurance, KB Asset Management, KB Capital, KB Life Insurance, KB Real Estate Trust, KB Savings Bank, KB Investment, KB Data Systems and KB Credit Information. Through our business, we provide integrated financial solutions and services to our clients to help them achieve their financial goals and prosper.
About Heritas Capital
Heritas Capital is a SingaporePrivate sector based private equity and venture capital investment firm that invests in fast growing companies and leading funds in the healthcare, education and technology sectors. Guided by our investment philosophy, “Investing with purpose, impact across generations”, Heritas Capital supports innovative companies to become emerging champions and drive inclusive growth that improves the lives of local communities while offering sustainable returns to investors.