Indonesia: CoLearn, an Indonesian edutech startup, has raised US$10 million in a Series A funding round co-led by Alpha Wave Incubation and GSV Ventures.
Existing investors Sequoia India’s Surge and AC Ventures also participated.
According to a press note, the fresh funds will go towards product, tech, and marketing efforts, and expanding the team.
Launched in August 2020, CoLearn claims to provide a convenient and affordable alternative for traditional offline tutoring in Indonesia. Its platform boasts an automated doubt-solving feature that seeks to remove frustrating experiences often associated with offline tutoring agencies.
The company noted it has since reached 3.5 million students and launched a tech team in India. It plans to double its team size by the end of this year.
“Despite having the world’s fourth-largest education ecosystem with 50 million students, three million teachers, and half-a-million schools, the quality of education in Indonesia has remained much below its real potential for several decades,” opined Abhay Saboo, co-founder and CEO of CoLearn.
“GSV is thrilled to be backing CoLearn’s compelling co-founders as they look to bring high-quality instruction at scale to Indonesia‘s youth. The opportunity to build efficacious learning solutions for the fourth largest country in the world is vast,” remarked Deborah Quazzo, Managing Partner at GSV Ventures,
“We are immensely excited to partner with CoLearn in its mission to disrupt the education market in Indonesia. As one of the largest markets globally, the demand for high-quality tutoring solutions at a competitive price point is huge,” concurred Anirudh Singh, Managing Director at Alpha Wave Incubation.