Manila-based education technology (edtech) startup Edukasyon on Tuesday said it has raised an undisclosed amount in a pre-Series A funding round backed by KSR Ventures and French Partners, ahead of its planned Series A in the fourth quarter of this year.
Edukasyon said it will use the fresh funds to further expand in the Philippines and add new verticals in the marketplace. It also seeks to integrate data science for its growing user base.
Founded in 2015, Edukasyon claims to connect more than 1 million students every month to more than 10,000 educational institutions both in the Philippines and abroad. It aims to cater to 50 million students in the ASEAN region by 2020.
In a statement, Edukasyon founder and CEO Henry Motte-Muñoz said the platform guides students throughout their education, and eventually career by giving them a choice of options, advice, and convenience.
“We’re excited about this opportunity as it allows us to develop our product for our existing users, utilize data science to bring in new users while expanding to areas in the Philippines where students need us the most,” Motte-Muñoz said.
The latest funding round followed Edukasyon’s seed financing round in December 2016, which was led by UK-based impact fund Mustard Seed and backed by other impact funds, family offices, and angel investors.
“We fervently believe our platform has a key role to play in empowering millions of ASEAN students to choose the right education and enabling them to further improve their economic potential,” Motte-Muñoz said.
Data provided by Edukasyon shows that higher education in the ASEAN region is fragmented with over 20,000 institutions for students to choose from.
“Despite tuition revenues growing 7 to 10 per cent year-on-year, the system is fundamentally inefficient with less than 40 per cent of students choosing to engage in higher education, leading to the high 30 per cent youth unemployment / underemployment rate in the region,” the startup said.
Katrina Razon, Founder of KSR Ventures and one of Edukasyon’s newest batch of investors, said an education-to-employment platform, like Edukasyon, “can solve the discovery system’s pain points for students and schools alike”.