Indonesian upskilling platform Cakap raised an undisclosed Series C1 funding round from MDI Ventures and existing investor Heritas Capital, valuing it at more than $100 million, the company announced in a statement on Wednesday.
The funding comes a year after Cakap secured an undisclosed investment from Indonesia Impact Fund (IIF). Cakap also raised $10 million in a Series B round in December 2021 co-led by Centauri Fund and Heritas Capital, and $3 million in a Series A+ round led by Heritas Capital a year earlier.
Cakap will use the funding to further develop its blended learning—a mix of online and offline classes. The edtech company had mentioned previously that blended learning will be one of the growth drivers in 2023 besides a planned expansion to lower-tier cities in the eastern part of Indonesia.
“The dynamic learning behaviour and methods of the community 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. With more options like blended learning, the community will be facilitated in choosing learning methods that are tailored to their interests and needs,” Tomy Yunus, Cakap co-founder and CEO, said.
Chik Wai Chiew, Heritas Capital CEO and executive director, said Cakap has the potential to expand and create an impact across Southeast Asia.
“Cakap has shown an excellent track record operationally and financially as a prominent upskilling platform in Indonesia. We look forward to Cakap’s continued strong execution in scaling its edtech solution and catalyse access to quality affordable lifelong learning opportunities for everyone in Indonesia and beyond,” Wai Chiew said.
Cakap recently announced that it was EBITDA positive for three consecutive years since 2020 and that its revenue grew ten-fold during the period, bucking the trend of other edtechs in the archipelago.