Cakap, an Indonesia-based online language learning platform, announced a $3 million Series A+ funding round led by Heritas Capital with Strategic Year Holdings and other investors' participation. Existing investors including Investidea Ventures and Prasetia Dwidharma also participated in the round, according to a press release.
The company intends to use the fresh funds to recruit more talents, advance technology development, and expand across Indonesia.
Founded in 2013, the startup has expanded to two major products: Cakap For Kids, a Live online English learning for kids aged 4-12 years old, and Cakap Upskill, a Live online course for broad learning topics, such as marketing and ICT related subjects.
Indonesia has over 3 million teachers across 300,000 schools. Online education has seen rapid growth in the country, leading to the acceleration of technology adoption by education stakeholders.
Cakap has seen student numbers grow around 10x since the beginning of this year and 30x compared to the same period last year. During the COVID-19 situation, Cakap has established some major partnerships, including with Telkomsel, the biggest Telco company in Indonesia.
"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,” said Tomy Yunus, Cakap co-founder and CEO.