The company’s new funding haul was led by Singapore-based Heritas Capital with participation from Strategic Year Holdings and existing investors, including Indonesia-based Investidea Ventures and Prasetia Dwidharma.

“There is no better time to scale with many Indonesians and students becoming more internet savvy day by day. We look forward to working closely with the team to support the company on its journey to scale education solutions throughout Indonesia,” said Heritas Capital director Charis Goh in a statement on Dec.22.

Cakap, formerly known as Squline, is reportedly profitable and has seen a tenfold growth in student numbers since the beginning of this year. The current figure is 30 times larger than that of the same period last year, despite the economic fallout of the pandemic.

“Our solution solves the problem of the lack of access to high-quality education for students across Indonesia, including third-tier cities and remote areas,” Cakap cofounder and CEO Tomy Yunus said in a statement. “We are excited to be part of the digital learning transformation in Indonesia and to help democratize access to high quality education.”

Tomy said that online education had been growing rapidly in Indonesia following the government's new normal protocols, which promoted remote learning for millions of students in Indonesia, accelerating the adoption of education technology.

According to the e-Conomy SEA 2020 report by Google, Temasek and Bain & Company, educational technology funding in Indonesia steadily gained momentum in 2019. The adoption of education technology tools has more than tripled in Southeast Asia during the pandemic, the report found.

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