Cakap, an Indonesian EdTech platform created to reinvent the language learning experience, has raised $10 million in a Series B round co-led by Heritas Capital and Centauri Fund, a growth-stage fund jointly launched by South Korea's KB Financial Group’s KB Investment and Telkom Group’s MDI Ventures.
The funding round also saw participation from KB Investment and other undisclosed investors.
The company plans to use the fresh funds to advance its technology through machine learning and artificial intelligence to provide localized and personalized learning in accelerating students' learning progress, according to its co-founder and Chief Executive Tomy Yunus.
Founded in 2013 by Tomy Yunus and Yohan Limerta, Cakap develops online learning applications that enable two-way interaction between students and professional teachers through video calls and text conversations. The platform empowers learners on their customized path to fluency in a 6-12 month time period through live instruction with native-speaking teachers and multimedia learning materials. Formerly known as SquLine, Cakap currently offers English, Japanese, Mandarin, Korean, and Indonesian classes on its platform. It has 1,000 teachers across its platform.
Cakap means competent or skillful in Indonesian. It reflects the vision to elevate people's lives and increase the competitiveness of human resources. Cakap aims to be the leader in online language learning in Indonesia by providing high-quality education that is accessible, acceptable, and affordable for Indonesian people.
Talking about the company, Tomy Yunus, Co-founder and Chief Executive Officer of Cakap, said,
"To support our mission in elevating people's lives, we are consistently learning our student's unique behavior and enhancing our solution by developing our engine around AI and machine learning to provide localized and personalized learning accelerating student's learning progress."
Cakap claims to have 1.5 million students on its platform. The company said that it has been profitable for the last two years and has seen a 500 percent year-on-year growth.
Earlier in August, Cakap launched a teaching training program through an online platform Cakap Teacher Academy. Cakap Teacher Academy acknowledges the crucial role and the importance of teaching skills in digital learning in the development of education. The program aims to empower Indonesian teachers to contribute to the human resources development goal of Republic Asia.
Cakap had raised $3 million in a Series A+ round in December 2020 led by Singapore-based Heritas Capital with participation from Strategic Year Holdings, and existing investors InvestIdea Ventures and Prasetia Dwidharma.