The Jakarta Post
Indonesian education technology (EdTech) startup ruangguru.com announced on Wednesday that it had received Series B Financing from UOB Venture Management, the private equity arm of Singapore-based United Overseas Bank Limited (UOB).
UOB Venture Management is the third backer to the startup after Venturra Capital and East Ventures, said ruangguru.com in a statement on on Tuesday.
Established in 2014, ruangguru.com is an educational marketplace connecting private tutors and classes with prospective students, and is known for its online integrated learning management system.
(Read also: Tutor-search start-up to launch mobile app)
The startup has recorded 3 million members ranging from elementary to senior high school students.
A recent collaboration between ruangguru.com and Japanese messaging app LINE, which resulted in the LINE Academy app service, had garnered 3.2 million users within six months after its launch, the statement added.
“Ruangguru is an appealing investment due to the passion and capabilities of its founders, scalability of the business and the positive impact it can have on students’ learning experience,” said UOB Venture Management CEO and managing director Seah Kian Wee.
“We believe that Ruangguru can be a game changer, given the large-scale adoption of its learning management system and the potential of its products for the Indonesian education sector,” said Wee.
The startup, according to its statement, has partnered with more than 300 regional governments across Indonesia.
Ruangguru.com co-founder Iman Usman said the star-up would stay on track by prioritizing its partnership with the country's regional governments.
“Strengthening our partnership with the governments is the key for us to scale our operations nationwide,” said Iman. (dea/bbn)