Indonesian Upskilling Platform Cakap Raises Fresh Funding; Bring Its Valuation Over $100M

Cakap, an Indonesian education technology platform, has raised an undisclosed amount in a funding round led by MDI Ventures with participation from existing investor, Heritas Capital, bringing its valuation over $100 million, the company said in a statement.

Co-founded by Tomy Yunus and Yohan Limerta in 2013, Cakaupskilling platform designed to provide quality education to help one master skills and accomplish more in life, in line with UN SDGs. The company aims to elevate People’s Lives by providing high-quality upskilling courses and accredited certifications. Through live instruction with native-speaking teachers and multimedia learning materials, it empowers learners on their customized path to fluency in 6-12 months.

With this financing round, the startup plans to develop its “blended” learning — a mix of online and offline classes. Cakap mentioned earlier that blended learning will be one of the growth drivers in 2023, besides a planned expansion to lower-tier cities in eastern Indonesia.

Speaking about the company, Co-founder & CEO of Cakap, Tomy Yunus, said:

The community’s dynamic learning behavior and methods have prompted Cakap to always provide more relevant learning solutions in the post-pandemic and future eras. Cakap hopes to bridge the market demand with blended learning systems.

The startup is a pioneer of foreign language learning applications with online English learning and online Mandarin learning institutions in Indonesia, which has successfully introduced an effective way of learning English and a fast way of speaking Mandarin. It is aware of the high demand for learning basic English and conversational English. Therefore, the platform offers certified foreign teachers from Asia Pacific countries who can help students become fluent in English faster. In addition to providing basic English classes for beginners and Mandarin, Japanese, Korean, and Indonesian courses for foreigners.

Chief Executive Officer & Executive Director of Heritas Capital, Chik Wai Chiew, added:

Cakap has the potential to expand and impact Southeast Asia. Cakap has shown an excellent track record operationally and financially as a prominent upskilling platform in Indonesia,” he said. “We look forward to Cakap’s continued strong execution in scaling its edtech solution and [to] catalyze access to quality affordable lifelong learning opportunities for everyone.

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