After securing the series A+ funding of $3 million or equivalent to IDR42.6 billion in late 2020, Cakap recently received Series B funding worth $10 million (more than IDR140 billion IDR). This funding round was led by the KB-MDI Centauri Fund and Heritas Capital. Participating also the KB Investment and other undisclosed investors.
The company plans to use the fresh money to expand the certified-course offerings, as well as to drive market expansion in providing better access to high-quality education in Indonesia. Cakap aims to improve its learning technology by exploring the machine learning and artificial intelligence application, which allows more personal learning progress for each student through adaptive learning.
“We are proud and excited to be part of the educational transformation in Indonesia, where we combine high-quality learning content, state-of-the-art technology, and professional teachers in our ecosystem to provide the best learning experience for our students,” Cakap’s Co-Founder & CEO, Cakap Tomy. Yunus said.
Cakap has been a profitable company in the last two years, managed to build credibility and gain growth by acquiring 1.5 million students with 500% YoY growth and downloads of more than 1 million applications. The Series B funding round settles the company’s achievements this year, with good growth through profitability and a role in supporting distance learning as a solution to minimize the impact of the pandemic.
Empowering students and teachers
Cakap is one of the largest edtech platforms in Indonesia that develops online learning applications with two-way interaction between students and teachers through video calls and texts. This concept enables two-way learning interactions for life skills learning across Asia Pacific.
To date, Cakap claims to have led online language courses for the Adult and Children segment in Indonesia. As a technology platform, it is possible for Cakap to offer its subscription services at affordable prices compared to the concept of offline tutoring services. Cakap has empowered more than 1,000 teachers in all regions. Furthermore, the company plans to expand to the new markets and technological advances.
“Therefore, to support our mission of elevating people’s lives, we are consistently studying the unique behavior of students and improving our solutions by developing our machines around AI and machine learning, to deliver localized and personalized learning to accelerate student learning progress.” Tommy said.
