JAKARTA, Indonesia , Dec. 23, 2020 /PRNewswire/ -- Cakap, the leading online language learning platform in Indonesia, today announced its successful US$3 million Series A+ raise. The round was led by Heritas Capital with participation from Strategic Year Holdings and other prominent Investors. Existing investors including Investidea Ventures and Prasetia Dwidharma also followed-on in the round. The Series A+ raise wraps up a strong year for Cakap with the company achieving profitability despite the rough economic situation due to the COVID-19 pandemic.
Cakap, the leading online language learning platform in Indonesia, today announced its successful US$3 million Series A+ raise.
Online education has seen rapid growth in Indonesia, following the government's new normal protocols where 94% 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 ~10x since the beginning of this year 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 ARCHIPELAGO of Indonesia, including 3rd tier cities and remote areas. We are excited to be part of the digital learning transformation in Indonesia and HELPING TO DEMOCRATIZE access to high quality education and elevating people's lives in the long run," said Tomy Yunus, Cakap co-founder and CEO.
Indonesia has one of the largest education systems in the world with over 3 million teachers across 300,000 schools. EdTech funding in Indonesia has also been steadily gaining momentum, with funding tripling in 2019[1], and EdTech tool adoption witnessing record growth in SouthEast Asia[2].
"Cakap has created a unique and relevant solution for the Indonesian market and there is no better time to scale with many Indonesians and students becoming more internet savvy day by day. The company offers a compelling impact proposition through providing access to affordable quality education and we look forward to working closely with the team to support the company in its journey to scale education solutions throughout Indonesia," said Charis Goh, Director at Heritas Capital.
"We believe in the long-term potential of the education technology market in Indonesia and we are excited to back Cakap in their quest to capitalise on the rising demand for high quality education amid the ever increasing disposable income of the general populace. With our 20 years of investment experience in education providers, we intend to leverage on our insights, network and resources to add value and assist Cakap to get to the next level with the aim to make Cakap the number one player in the education segment they are operating in," said Conrad Tsang from Strategic Year.
"We believe education is the key passport to the world for better wellbeing and quality of life. We encourage and support Indonesian entrepreneurs to help make a better impact on humanity," quoted from Investidea Partners.
"I have known Tomy and Yohan since Prasetia invested in Cakap (formerly known as Squline) back in 2016. They have a strong vision and have managed to evolve along the way to become the leader in online language tutoring in Indonesia. From 2016 to 2019, the market for online education has grown rapidly, but in hindsight, it was a modest growth compared to 2020's growth. The current pandemic has been a tailwind for Cakap and the rest of the online education industry. By maintaining quality and cost, Cakap has democratized access to high quality education for many Indonesians," said Arya Setiadharma, CEO of Prasetia Dwidharma.
Rated 4.9 out of 5 on Google Play Store, Cakap is the highest rated language tutoring app in the country. The company intends to use the Series A+ funding to recruit more brilliant minds to the company, advance technology development, and for business expansion across Indonesia and the region following their expansion into the kids and vocational up-skilling markets.
| [1] e-Conomy SEA 2020, At Full Velocity: Resilient and racing ahead, page 76, by Google, Temasek, and Bain & Company |
| [2] e-Conomy SEA 2020, At Full Velocity: Resilient and racing ahead, page 78, by Google, Temasek, and Bain & Company |
About Cakap
Cakap is a startup company that develops online learning applications with two-way interaction between students and professional teachers through video calls and text conversations. Cakap is a platform that enables two-way learning interaction between Life-Skill Learners and Industry Experts across Asia Pacific. Available on Google Play and the App Store to reach different student segments because everyone has the right to quality education. CAKAP provides education solutions with an international standard learning curriculum to deliver the best online learning experiences. #MakinCakap
About Heritas
Heritas Capital is a Singapore-based private equity and venture capital investment firm that invests in fast-growing companies and leading funds across the healthcare, education and technology sectors. Guided by our investment philosophy, "Invest with Purpose, Impact Across Generations", Heritas Capital backs innovative companies to become emerging champions and drive inclusive growth that improves the lives of local communities while delivering sustainable returns to investors.
About InvestIdea Ventures
InvestIdea is a multi-stage investment firm, dedicated to improving the world in positive ways by funneling people, technology, and ideas to generate social impact and environmental development outcomes. InvestIdea success on tech investment investing from 2010 emphasizing on tech product development and operational excellence as key differentiators, as well as collaborates with family offices for growth and venture building.
About Prasetia Dwidharma
Prasetia Dwidharma was founded in 2008. Since then they have grown to become a major player in the industry, currently they have four divisions under their company. Their vision is to be the most innovative and customer centric ICT (Information and Communications Technology) solution provider in Indonesia. Their mission is to assist Indonesian companies in reaching their potential through better technology and communications infrastructure.
About Strategic Year
Strategic Year Holdings Limited ("Strategic Year") is a privately held investment company focusing on private equity and real estate. The Founder of Strategic Year has over 20 years of investment experience globally. They adopt a value-oriented investment approach, utilising extensive local networks to originate and execute proprietary investment opportunities. They also spend tremendous efforts adding value to our investments.
