Cakap, an online language learning platform based in Indonesia, announced that it has raised US$3 million in its series A+ financing round.
The Cakap team / Photo credit: Cakap
Heritas Capital led the round, which saw participation from Strategic Year Holdings and other existing investors such as Investidea Ventures and Prasetia Dwidharma.
Cakap develops online learning applications with two-way interaction between students and professional teachers across the Asia Pacific region via video calls and text conversations. It claims to be profitable after its student numbers jumped 10x since the start of 2020 – that’s a 30x increase compared to the same period last year.
The startup said in a statement that it intends to use the funds to bring in new talent, boost technology development, and expand across Indonesia.
“The current pandemic has been a tailwind for Cakap and the rest of the online education industry,” said Arya Setiadharma, CEO of Prasetia Dwidharma.
Cakap aims to capitalize on Indonesia’s education system, which is ripe for technological disruption. A recent World Bank report pointed out that “insufficient funds” is the most common reason why young Indonesians aged 16 to 18 are not in school.
“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 third-tier cities and remote areas,” said Tomy Yunus, co-founder and CEO of Cakap.
Editing by Miguel Cordon and Eileen C. Ang
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