Heaptalk, Jakarta – CoLearn, edutech start-up headquartered in Jakarta, is reported to acquire US$10 million for its series A funding. This funding round was led by Alpha Wave Incubation (AWI) that affiliates with GSV Ventures. Its previous investor, Surge Sequoia Capital India, and AC Ventures, also participated in this funding.
CoLearn is a newcomer start-up that provides online learning services to help students study and solve questions. In 2020, the Entity launched its application, and since then, it showed significant growth by reaching 3.5 million students. According to CoLearn, its users have asked five million questions every month.
The huge growing of the Company’s users cannot be separated from the pandemic that has stricken the world. The Covid-19 pandemic has forced education to transform and by any chance, the Company has seized the moment to expand its business.
In a statement, the start-up that has enrolled Sequoia Capital incubation uttered that, in reality, Indonesia has a vast potential in the educational field. However, the number of parties that interest in this field is diminutive. The innovation also remains confined, so the investor assessed that the area is not sexy. The situation has hindered the improvement of Indonesia’s education quality.
“Although Indonesia has the fourth biggest education ecosystem in the world that contains of 50 million students, three million teachers, and around half million of schools. For several decades, Indonesian’s education quality remains far below its potential,” said Abhay Saboo, Co-Founder and CEO CoLearn.
The presence of CoLearn in Indonesia education, further, has reversed the mindset. The firm’s innovations to bolster Indonesia’s education have ensured the capitalist to disburse the enormous investment. The fresh funding, obtained less than six months from the latest investment, is also claimed to bring the Corporate as an edutech with the biggest investment in Indonesia.
The funding will be deployed to run their innovation in the educational field and expand their business as the Company had presented. Previously, CoLearn has used financial support from its investors to develop its artificial intelligence (AI). The technology enables the Company to handle a million questions every month. In a survey, the technology and the start-up education method are evidently efficient, proven by the scores enhancement of 80% students.
Abhay added that the appearance of CoLearn is expected can strengthen public insight about the importance of education as Indonesia’s economic generator.
“Many Indonesian do not realize that education is a medium to improve the national economic power. Parents do not connect these two points. However, now, the awareness starts to increase. Our mission is to accelerate this transformation by driving education quality,” stated Abhay.
The entry of AWI, GSV, and Surge Sequoia Capital to CoLearn’s investor lists is hoped can accommodate the Company to achieve its mission by taking into account to the venture’s image as the best investors in the world that hold excellent credibility. AWI, for example, is a venture capital that has a total valuation of US$300 million. AWI also is supported by Disrupt AD and managed by Falcon Edge Capital – the Company has a total valuation of US$ 5 billion. (WLN)
