Cakap Raises US$10M in Series B Funding

TheIndonesia.id - Edutech startup Cakap has secured US$10 million in a Series B funding, which was co-led by Centauri Fund MDI Ventures and Heritas Capital.

Joining the two venture capital firms are KB Investment and other companies.

Cakap CEO and co-founder Tomy Yunus said the company is committed to provide quality learning experience to users, and the funding will support Cakap realizing its ambition.

“We’re proud and excited to become part of educational transformation in Indonesia, where we’ve been combining high-quality learning content, advanced technology, and professional teachers within our ecosystem to provide the best of learning experience for our students,” Yunus said in a statement on Monday, December 13.

Executive director of Heritas Capital Chik Wai Chiew added that the firm has been impressed with the impacts Cakap has been creating in education sector in Indonesia and considers the platform to still have a huge business potential. And that’s the reason behind Heritas Capital’s involvement in this round of funding, after the previous round in 2020.

“A year after Heritas Capital led Cakap’s Series A+ funding, we’ve been impressed with its attractive business and impacts created by management team, which provide benefits to all stakeholders through training teachers and workers with new skills, as well as helping children in the mid-pandemic learning activity,” Chiew commented.

Cakap will use the fresh capital to further advance its learning technology, by exploring machine learning and artificial intelligence (AI). With the innovations, students are expected to have a more personalized and customized learning through a more adaptive method.

As a language-learning and self-development platform, Cakap has been working with more than 1,000 teachers all across the globe, and the apps has been downloaded more than a million times.