CoLearn raises additional $17 mn in Series A follow-on funding round

CoLearn, one of the fast-growing edtech platforms in Southeast Asia, on Thursday announced that it has raised an additional $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 $34 million will be deployed to strengthen CoLearn’s go-to-market strategy, enabling the company to further expand its paid user base in Indonesia.

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.”

CoLearn, an online K-12 live learning and homework help platform, was launched in August 2020 and has amassed over 4.8 million users with over 85 million questions asked to-date. With Indonesia’s first 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.

CoLearn aims to improve the educational standards in Indonesia, which is the world’s fourth most populous country with 270 million people.

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 coronavirus (Covid-19) 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.

Prior to raising this round, CoLearn raised $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.