BENGLAURU: Indonesia-based edtech startup CoLearn on Tuesday said it has raised $10 million as a part of its Series A funding, co-led by Alpha Wave Incubation (AWI) and US-based edtech investor, GSV Ventures. Existing investors, including Sequoia Capital India’s Surge and AC Ventures, also participated as a part of the round.
According to the company, it will use the fresh funds, to enhance its product, and technology, development, while ramping up hiring and marketing.
The company, which has its technology teams in India, looks to double its employee count by the end of the year, with a focus on recruiting for data science, product, and engineering roles across India, Indonesia, and the United Arab Emirates (UAE).
CoLearn provides an artificial intelligence (AI)-powered problem-solving platform which removes the friction associated with offline tutoring centres by allowing students to receive instant, high-quality homework support.
The platform’s step-by-step video solutions created by tutors help students with various concepts for subjects, such as Math. Students can also attend CoLearn’s live online interactive classes taught by teachers.
“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. The scope for motivating students and ensuring they can thrive in a globalized world is what really drives us all at CoLearn,” said Abhay Saboo, co-Founder and chief executive officer, CoLearn.
In nine months of launch, CoLearn has scaled its online platform to reach 3.5 million students, who ask more than 5 million questions per month, which are answered through CoLearn’s AI Platform.
“GSV is thrilled to be backing CoLearn’s 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 4th largest country in the world is vast. The greatest businesses are created when entrepreneurs tackle large, important problems and CoLearn is doing just that,” said Deborah Quazzo, managing partner, GSV Ventures.
CoLearn marks the first investment for AWI and GSV Ventures in the Indonesian market.
“We are immensely excited to partner 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. We believe CoLearn’s stellar team is successfully implementing the online learning playbook we see in other parts of the world, to gain market leadership in Indonesia,” said Anirudh Singh, managing director, AWI.
Some of CoLearn’s other investors include Leo Capital, TNB Aura, S7V, January Capital, Alpha JWC, Taurus Ventures, Alter Global, and Mahanusa Capital.
CoLearn also provides teacher training programmes to improve the quality of education and expects to have more than 200 trained teachers over the next two years who can effectively supplement students’ learning from school, particularly in science, technology, engineering and mathematics (STEM) education.