Cakap will tackle the fresh injection to reinforce a blended learning method and enhance its three business pillars: language course, upskill, and business course.
Heaptalk, Jakarta — Indonesia‘s upskilling platform, Cakap, has completed a Series C1 funding round for an undisclosed amount from MDI Ventures and Heritas Capital. With this latest capital achievement, this ed-tech startup claimed its valuation has reached up to three digits, bringing the startup occupied a centaur level, startup level with a valuation between US$100 million – US$1 billion.
Before seizing this latest investment round, MDI Ventures and Herritas Capital also injected this Indonesia’s ed-tech platform in a Series B funding round worth US$10 million in 2021. By securing this new injection, Cakap will amplify blended learning, a mix of online and offline classes, expected to facilitate users and enhance program effectiveness.
The company had previously mentioned that blended learning would be one of the driving factors in 2023, besides a planned expansion to lower-tier cities in eastern Indonesia. Simultaneously, amidst the changing environment, Cakap will also focus on strengthening its three business cores, including a language course, upskill, and a business course.
Viewing a dynamic learning way of society, The CEO and Co-Founder of Cakap, Tomy Yunus, intends to facilitate more relevant learning solutions, specifically in the post-pandemic. By reinforcing a blended learning method, Tomy aims to bridge the market demand with various options, expecting to simplify users in choosing adjustable learning methods aligned with their needs.
“We are grateful for the investors’ trust in funding this Series C1 phase,” Tomy added.
Along with the new Centaur level accomplishment, Cakap completed an internal organizational restructuring by appointing Jonathan Dharmasoeka as Chief of Financial Officials (CFO) and Cecillia Ong as Chief Operating Officer (COO).
On the other hand, in its business operations, this startup recently announced that it was EBITDA positive for three consecutive years since 2020. This platform has also enhanced its revenue up to ten-fold during the period, bucking the trend of the other ed-tech in the archipelago.
Through this funding support, the CEO of MDI Ventures, Donald Wihardja, expects to extensively strengthen the synergy between Telkom Group and MDI parties.
“In the early quarter of 2023, Cakap, together with communication provider Telkomcel from Timor Leste, has expanded learning to the region of the country. With this effort, we expect the latest funding round will amplify this ed-tech platform and deliver a positive social impact in the education system in Indonesia,” added Donald.
Meanwhile, the Executive Director and CEO of Heritas Capital, Chik Wai Chiew, stated, “As an upskilling platform, Cakap has demonstrated an outstanding record in terms of its business operations and finances in Indonesia. We look forward to Cakap’s powerful implementation in expanding technology education solutions and accelerating access to quality and affordable learning for society,”
