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Language learning app Cakap bags $10 million in series B round
Edutech firm Cakap aims to upgrade its technology and offer more classes with the new funds.
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A user operates Cakap, a homegrown language learning app, on a mobile phone. (Courtesy of Cakap/-)
E
ducation technology (edutech) company Cakap announced on Thursday that it had received US$10 million in a series B funding round led by venture capital firms from Indonesia, Korea and Singapore.
Telkom-backed MDI Ventures coled the funding round alongside Singapore-based Heritas Capital. KB Asset Management, the investment arm of Korea’s KB Financial Group, and several undisclosed investors also participated in the round.
Cakap said in a press release that the fresh capital would be used to expand its certified course offerings for English, Indonesian, Japanese, Korean and Mandarin, as well as to fuel market expansion and technology development.
“We are consistently [learning about] the unique behaviors of our students and enhancing our solutions by developing our engine around artificial intelligence and machine learning to provide localized and personalized learning to accelerate progress in student learning,” said Cakap cofounder and CEO Tomy Yunus.
Established in 2015, Cakap offers online language courses for both children and adults, as well as personalized preparatory classes for language proficiency certification.
The company claims to have acquired 1.5 million users in the past two years and that it has booked a profit since 2020.
Southeast Asian edutech companies collectively raised capital of around $200 million in the first half of the year, closing on $250 million worth of investments in the whole of 2020, according to the e-Conomy SEA 2021 Report.
