Home EdTech EdTech startup Cakap raises US$ 3M in Series A+ funding

EdTech startup Cakap raises US$ 3M in Series A+ funding

Indonesian Startup

EdTech startup Cakap raises US$ 3M in Series A+ funding
EdTech startup Cakap raises US$ 3M in Series A+ funding
Jakarta, Indonesia-based edtech startup Cakap has raised US$ 3M in a Series A+ funding round held in December 2020, led by Heritas Capital. Other participants included Strategic Year Holdings and previous investors Investidea Ventures and Prasetia Dwidharma.
According to its press release, proceeds from the funding round will be used to increase the headcount of its team, develop its technical solutions and expand its business across Indonesia.

Founded in 2013 by Tomy Yunus Tjen and Yohan Limerta, Cakap builds e-learning applications allowing 1-on-1 interaction between students and tutors through video calls and text conversations. Initially, it was called Squline and the new name Cakap intends to showcase themselves as the front-runner in the live-tutoring industry in Indonesia. It strives to deliver top-quality education that is accessible, satisfactory, and affordable for Indonesian people. In the long run, the startup believes Cakap will be able to enhance people’s lives by giving them opportunities to develop their skills, from anywhere, at any time.

The startup claims to have attained profitability this year and its student numbers have increased by 10x since the start of the year and 30 times compared to the same period last year (2019).

CEO Tomy Yunus said their solution solves the problem of the nonexistence of access to high-quality education, not only for the students in big cities but also for the whole of Indonesia, including 3-tier cities and remote areas. He further added that the team is thrilled to be a part of the digital learning revolution in Indonesia, increasing people’s access to high-quality education and uplifting their lives in the long course.

Charis Goh, Director at Heritas Capital said Cakap has created a unique and appropriate solution for the Indonesian market and there is no better time to scale it, with many Indonesians and students becoming more internet savvy day-by-day. The startup offers a gripping impact proposition by providing access to affordable quality education, he concluded.

Arya Setiadharma, CEO of Prasetia Dwidharma was quoted to have said, “From 2016 to 2019, the market for online education has grown rapidly, but in retrospection, it was a modest growth compared to 2020’s growth. The current COVID-19 pandemic has been a tailwind for Cakap and the rest of the online education industry”.

Cakap competes with several edtech startups such as Ruangguru, Zenius Education, and HarukaEdu.

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