Cakap wins big IIF funding for growth of its platform
JAKARTA, Indonesia, March 29, 2022 /PRNewswire/ — The Indonesia Impact Fund (IIF) has formally announced the completion of its first close with its first investment deal on Cakap, a leading upskilling platform in Indonesia.
Initiated by Asia-Pacific Business Advisory Council (ABAC) and managed by Mandiri Capital Indonesia, the corporate VC arm of Bank Mandiri Group. IIF is the first Indonesian-run ESG-compliant private impact investment fund that aims to showcase a public-private partnership in the venture capital industry.
The fund’s limited partners include Indonesian family offices and private institutions and is currently in collaboration with UNDP in developing and implementing the proper Impact Measurement Framework for portfolio companies.
IIF will focus on investing in early-stage startups that are aligned with United Nations’ Sustainable Development Goals (SDGs). The main target sectors will be education, healthcare, waste management, climate change, financial inclusion, and sustainable cities.
“We believe that by introducing this new initiative, IIF will serve as a catalyst for venture capital companies and fund managers in Indonesia to shift their investments toward impact and sustainability. IIF will not only bring financial profits but also create a positive impact on the Indonesian community as a whole,” mentioned Eddi Danusaputro, CEO of Mandiri Capital Indonesia.
Mandiri Capital has appointed Joshua Agusta, its Venture Fund Director, to become the Fund Manager and Partner at IIF.
Who’s Cakap
Cakap is an EdTech company that offers high-quality non-formal education in Indonesia that mainly focuses on foreign language and vocational courses. Cakap developed a highly interactive online learning application that connects students to professional teachers and experts, both local and foreign.
Cakap learning solutions enable personalized learning experiences through adaptive technology that modifies each student’s learning journey by delivering flexible courses in private, group, and webinar formats, as well as an advanced learning management system, multimedia materials, and certification.
According to Agusta, “Non-formal education is a big market with untapped potential in Indonesia. We believe that by investing in companies like Cakap, our fund will contribute in bridging the language proficiency gap in Indonesia and improving public welfare in the long run.”
Tomy Yunus, CEO & Co-Founder of Cakap, also added, “We are honoured to welcome the new investment and partnership with Indonesia Impact Fund along with Mandiri Capital Indonesia, and UNDP. The additional strategic investment will bolster our expansion goals by allowing the country to access high-quality education, particularly in lower-tier cities, which is in line with Cakap’s mission to elevate Indonesian people’s lives.”
Indonesia, like India and China, is experiencing an EdTech boom as demand for edtech solutions has increased since the Covid-19 outbreak.
Given that the country possesses the world’s fourth-largest education system, it’s no surprise that the EdTech sector has recently blossomed. IIF is committed to assisting Indonesia in the development of high-quality education.
Mandiri Capital Indonesia
Mandiri Capital Indonesia is a Corporate Venture Capital firm operated by the country’s largest financial institution, Bank Mandiri. MCI acts as a bridge connecting investors and entrepreneurs to the ever-evolving technology sector.
As part of the financial institution, MCI focuses on the financial technology sector to help scale meaningful financial technology companies by availing Bank Mandiri’s extensive financial expertise, coupled with access to a vast network of merchants and customers.
Cakap
Cakap is one of the biggest Edtech platforms in Indonesia that develops online learning application that connects students to professional teachers and experts through video calls and text conversations. Our proprietary education platform enables two-way learning interactions for life skills learning across the Asia Pacific.
Available on Google Play and App Store to reach different segments of students, because everyone deserves a quality education. CAKAP provides educational solutions with an international standard learning curriculum to provide the best online learning experience. #CakapUntukBangsa
Indonesia Impact Fund
Indonesia Impact Fund is the first ESG-compliant private impact fund that is managed by Mandiri Capital Indonesia. Backed by ABAC members, IIF is in collaboration with UNDP in developing and implementing the proper Impact Measurement Framework for portfolio companies.
The fund will focus on investing in early-stage startups that are aligned with United Nations’ Sustainable Development Goals (SDGs). The main target sectors will be education, healthcare, waste management, climate change, financial inclusion, and sustainable cities.
Source: Cakap
Photo Caption – From Left: Tomy Yunus (Co-Founder and CEO of Cakap), Eddi Danusaputro (CEO of Mandiri Capital Indonesia)