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TNB Aura leads US$17 million Series A funding for EdTech company CoLearn
Indonesian EdTech company CoLearn raises an additional US$17 million in Series A follow-on funding led by TNB Aura, KTB Network and BINUS GROUP.
● The Jakarta-based startup aims to elevate online learning and boost Indonesia’s PISA ranking from the bottom 10% to the top 50%
● In less than 1.5 years, CoLearn has gathered over 4.8M users with over 85 million questions asked.
CoLearn, one of the fastest-growing EdTech platforms in Southeast Asia, 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 brings CoLearn’s funding total to US$34M and 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 which 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 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 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 centres.
Today, CoLearn hosts over 4.8 million users 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. 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, in 2021.
CoLearn provides children in Indonesia with a convenient, affordable, and high-quality alternative to traditional offline tutoring with their live interactive classes. Launched in August 2020, CoLearn’s AI-Powered homework help feature removes a lot of the friction associated with offline tutoring centres as students can master their STEM questions from the convenience of their home while saving themselves time. For students who struggle with understanding concepts taught at school, CoLearn provides access to the best teachers in the country through live interactive classes. CoLearn’s mission is to strengthen Indonesia’s education system by giving it a much-needed directional shift to improve its PISA (Programme for International Student Assessment) ranking to be among the top 50% in the world from the bottom 10% today.
CoLearn was founded by Abhay Saboo, Marc Irawan, and Sandeep Devaram. Abhay is a Harvard Business School graduate and an Asia 21 Young Leader. Marc graduated from the University of British Columbia, has had a career in tech and management consulting, and has taught STEM classes for young students. Sandeep Devaram helped build the product team at BYJU’s and is a graduate of BITS Pilani, India.
About TNB Aura, an affiliate of Aura Group:
TNB Aura is investing in and helping to build the future of Southeast Asia. As a thesis-led, high-conviction venture capital firm, we use data-driven methodologies to identify and invest in select companies that are primed for the future and ready to change the very face of their categories. As an approved co-investment partner of Enterprise Singapore, we invest US$2-10 million into Series A and B tech startups - and beyond that, we become true partners in their quest to uplift the lives of The Next Billion.
To learn more about TNB Aura and how we work, get in touch.
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