Indonesian edtech startup Zenius bags funding from Openspace Ventures, others

Zenius, an Indonesia-based edtech startup, announced that it has secured an undisclosed amount of pre-series B funding from Alpha JWC Ventures, Openspace Ventures, along with existing investors Northstar, Kinesys, and Beenext.

Zenius CEO Rohan Monga / Photo credit: Zenius

Founded in 2004, Zenius focuses on K12 students and has over 90,000 concept videos. With the new funds, the firm will further develop its platform.

Zenius claims that it saw strong growth in 2020 with revenues increasing to over 70% in the second half of the year compared to the same period in 2019.

It also claims to have seen a 10x increase in user growth and over 90% user retention rates in the live class segment from its launch in March to December 2020. Live classes now represent nearly 50% of Zenius’ revenue, with an average class size of 400 students.

The edtech startup has recently unveiled its automated “doubt-solving feature” – which uses AI to solve students’ queries – via its mobile app and WhatsApp.

The latest investment comes after the firm received US$20 million in a series A funding round led by Northstar Group last year.

See also: Indonesian edtech’s unexploited opportunities

In Indonesia, the annual consumer spending on education will grow at 6% per annum and has hit US$23.6 billion in 2020, according to a report. Key players in the edtech space include Ruangguru, which secured US$150 million in its series C funding round led by General Atlantic and GGV Capital.