Indonesian EdTech company CoLearn bags US$17 million in Series A extension round
Published on January 27, 2022
Jakarta, January 27, 2022: CoLearn, one of the fastest-growing EdTech platforms in Southeast Asia, today announced that it has raised an additional US$17 million as part of its Series A follow-on funding from TNB Aura, KTB Network, and BINUS GROUP, with participation from existing investors AWI, Sequoia Capital India’s Surge, GSV Ventures, AC Ventures, Leo Capital, and January Capital.
This is a maiden investment for Indonesia’s leading university, BINUS GROUP, which has joined the company as a strategic partner. The funding which brings CoLearn’s funding total to US$34M will be deployed to strengthen CoLearn’s go-to-market strategy, enabling the company to further expand its paid user base in Indonesia.
CoLearn, an online K-12 live learning and homework help platform, was launched in August 2020 and has amassed over 4.8M users with over 85 million questions asked to date.
With Indonesia’s first truly cohort-based live classes and high-quality, passionate teachers, CoLearn has transformed students’ understanding of subjects such as math, physics, and chemistry that are often considered difficult. In 2021, the number of questions asked grew 5x with its AI-powered problem-solving platform, alleviating students’ as well as parents’ problems with respect to doing homework. The platform offers high-quality video solutions with clear, concise explanations.
CoLearn aims to improve the educational standards in Indonesia, which is the world’s fourth most populous country with 270 million people.
Historically, there has been limited investment and innovation in the country’s educational infrastructure, leading to the massive demand for high-quality tutoring. As students are gradually adapting back to offline schools, there is a further increase in the demand for excellent quality tutoring to supplement their learning – one that allows students to continue their learning from the safety of their homes.
Guided by top-notch teachers who are trained in methods that drive student engagement in STEM, CoLearn makes live interactive tutoring more accessible to Indonesian kids throughout the country.
Abhay Saboo, Co-Founder & CEO of CoLearn, said “Since launching CoLearn, we’ve been very focused on creating a product users love. CoLearn is not only helping students build a strong foundation in STEM subjects but also has an immediate impact, as over 80% of our subscribed students have seen an improvement in their grades. With a consistent NPS (Net Promoter Score) of over 70 for our live classes and 90%+ organic traffic of our AI-powered homework help feature, we are actively working towards changing the mindset around online tutoring with our offering that blends AI and interactivity.”
Speaking on the investment, Vicknesh R Pillay, Founding Partner at TNB Aura said, “with the team’s unique approach in tackling the K-12 education gap, along with unwavering motivation and hustle, CoLearn has the rare combination to become the next iconic startup from Indonesia.”
Amy Yeh, Senior Managing Director at KTB Network added, “the resilience CoLearn has shown during the pandemic is a testament to the team’s strength and ability to navigate the ever-changing EdTech landscape. The team’s laser-sharp focus in delivering the best live class experience is quickly gaining the confidence of the students and parents alike. Tanya, their AI-powered problem-solving platform that helps with homework, addresses a key problem and therefore has become an integral part of the lives of students in Indonesia.”
Lawrence Wibisono, Managing Director at BINUS Group said, “In line with BINUS vision, Fostering and Empowering the Society in Building and Serving the Nation, we are always committed to enforce educational development. Through CoLearn, we hope to continue discovering and empowering future leaders to build an outstanding company and contribute to society.”
In 2018 CoLearn started its offline business and then shifted to a hybrid model. With the pandemic the company transitioned to a fully online platform, enabling them to remove the friction associated with offline tutoring centers.
Today, CoLearn hosts over 4.8 million users, with 90% of new students coming organically. With a 70+ NPS and 70%+ attendance rates, CoLearn’s Live Classes have demonstrated incredible efficacy as an online learning solution. Tanya, the AI-powered platform that receives more than 10 million questions every month, matches student queries with more than 500,000 video tutorials that break down key concepts.
This new round of funding will help strengthen the company’s brand presence of its cohort-based live class platform. The platform has notably increased students’ academic performance, as 80%+ of users have seen improvements in their grades at school since joining CoLearn. Being the only cohort education player in Indonesia, CoLearn is focusing on attracting bright and passionate teachers to build a stronger foundation of its platform.
Prior to raising US$17 million, CoLearn raised US$10M in Series A funding from leading investors Alpha Wave Incubation, EdTech focused GSV Ventures and returning investors Sequoia Capital India’s Surge and AC Ventures. CoLearn was featured among LinkedIn’s Top Startups of Indonesia, 2021.