Indonesian EdTech CoLearn Raises Additional $17M In Series A Round, Brings Its Total Funding To $27M
CoLearn, an Indonesia-based EdTech startup that empowers tuition centers and tutors to create online learning experience for their students, has raised an additional $17 million as a part of its Series A round led by Singapore-based TNB Aura, South Korean Venture capital KTB Network, and BINUS Group or Bina Nusantara Group that runs education institutions in the archipelago.
The round was also backed by existing investors Alpha Wave Incubation (AWI), Sequoia Capital India’s surge, GSV Ventures, AC Ventures, Leo Capital, and January Capital.
With the latest round of funding, the startup plans to further expand its paid user base in Indonesia.
Co-founded by Abhay Saboo, Marc Irawan, and Sandeep Devaram in 2020, CoLearn provides step-by-step video solutions by tutors that serve as a hook to convince both students (or their parents) to enroll in CoLearn’s online courses. The app makes both teaching and learning easier by offering online classes, as well as live-streamed homework and exam assistance. It features a practice platform that allows students to learn independently and at their own pace, with the help of hints and solutions to each problem. CoLearn also helps tutors get a better understanding of each student’s strengths and weaknesses through a real-time dashboard.
CoLearn’s mission is to improve education standards for Indonesia’s youth to make the country globally competitive.
Speaking about the company, Co-founder and CEO of Co-Learn, Abhay Saboo, said in a statement, “It’s an open field right now and it’s a great time for all players, any edtech player, because (the spending) is just going to go from offline to online.
With CoLearn, students can continue to learn after their offline class or without having to leave their home, and still receive guidance from their regular tutors. The platform also shares the same space with other EdTech players in the country, specifically those that target K-12 students including Ruangguru and Zenius.
Different from its competitors’ main strengths using recorded content, Co-Learn relies on its live classes and AI powered homework assistance. The startup is also keen on staying focused on the K-12 market.
Commenting on his plan to gain more paid users, Saboo added, “Students know us, now it’s time that parents know us as well.”
He also claimed that his startup is among the fastest-growing EdTech in Southeast Asia whose growth has come from students.Taking the journey forward, CoLearn aims to better target its promotions.
Last year in April, Co-Learn had raised $10 million in Series A funding round co-led by Alpha Wave Incubation and EdTech-focused GSV Ventures. It brings the company’s total fundraising for the series to $27 million.
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