Heritas’ portfolio company Cakap, one of the biggest edtech platforms in Indonesia, has raised US$10m in an oversubscribed Series B round to expand their certified course offering, as well as to fuel its market expansion in providing better access to high quality education in Indonesia. The round was jointly led by MDI Ventures’ Centauri Fund and Heritas Capital, with participation from KB Investment and other undisclosed investors. With this new funding, Cakap aims to improve their learning technology by exploring the implementation of machine learning and artificial intelligence enabling more personalized learning progress for each students through adaptive learning.

“In a year since Heritas Capital led Cakap’s Series A+ funding round, we are impressed by the tremendous business traction and impact achieved by the management team, benefitting diverse stakeholders such as training teachers, reskilling workers and helping children learn amidst the pandemic. We are pleased to back Cakap once again as it successfully transits from venture to growth stage with solid execution and high capital efficiency, while further catalyzing access to quality affordable lifelong learning opportunities for all in Indonesia and beyond” said Chik Wai Chiew, CEO and Executive Director of Heritas Capital.

Heritas first led Cakap’s US$3m Series A+ round in December 2020 via Heritas Venture Fund (HVF) and continued to back the company in its latest US$10m Series B round via the newly launch Heritas Growth Fund III (HGF III). Early this week, HGF III also announced the fund’s first investment – Holmusk, a leading global data science and digital health company building the world’s largest Real-World Evidence (RWE) platform for behavioral health. Following the successful first close of HGF III, the fund has completed its first two investments, leveraging on its proprietary access to follow-on opportunities from its venture fund portfolios, and look to continue backing leading ventures to create and scale impact in the region.

Read more on Cakap’s latest fund raise on TechInAsia and The Business Times.