Indonesian edtech startup Ruangguru has secured fresh funding round from UOB Venture Management and East Ventures, DealStreetAsia has learnt.
Both UOB Venture Management, a subsidiary of Singapore-headquartered United Overseas Bank Limited, and East Ventures, a prolific venture capital firm focused on early-stage funding in Indonesia, are Ruangguru’s existing backers.
Established in 2014 by Adamas Belva Syah Devara and Muhammad Iman Usman, Ruangguru helps students find tutors online.
The latest funding is likely to have bumped up the startup’s valuation to over $100 million, said sources.
Ruangguru, UOB Venture Management and East Ventures declined to comment for this story.
Speaking to local news site Bisnis Indonesia recently, Ruangguru CEO Belva Devara had said the firm plans to raise a fresh round of funding in 2019 to facilitate its expansion plans, which include setting foot outside its home market.
Ruangguru focuses on providing services across a range of education verticals. It offers its own Learning Management System targeted at elementary, middle, and high school students across Indonesia. Besides, it also offers learning video subscriptions, private tutoring marketplace, on-demand in-app tutoring services, and online exam simulations, catering to almost every K-12 education vertical.
The Indonesian startup had raised its Series B funding from UOB Venture Management in mid-2017. Following that, it had also received grants from the Australian Department of Foreign Affairs and Trade and Atlassian Foundation International, through the Solve Challenge event, last year. East Ventures had invested in Ruangguru in 2014.
According to its LinkedIn page, Ruangguru currently has over 15 million users and 300,000 teachers across 32 provinces in the country.
UOB Venture Management manages third party private equity funds in excess of S$1billion and focuses on growth companies in ASEAN and China.
East Ventures, on the other hand, is one of the VC pioneers in Indonesia that has launched six funds in the past seven years. It claims to have provided seed investment to 70 per cent of Indonesian startups that have gone on to raise Series A funding subsequently.
Its portfolio companies include prominent names such as Tokopedia and Traveloka and Kedai Sayur, among others. Focused primarily on seed to Series A deals, East Ventures has a growth fund called EV Growth, through which it makes follow-on investments in its portfolio companies.