Cakap, an Indonesian edtech company, has received an unknown amount of money from the Indonesia Impact Fund (IIF), a Asia-Pacific Business Advisory Council (ABAC) project managed by Mandiri Capital Indonesia.
Cakap, founded in 2013 by Tomy Yunus and Yohan Limerta, offers online language training for adults and children in Indonesia using recorded videos and live sessions.
The business secured US$10 million in a series B financing headed by Heritas Capital and Centauri Fund, which is supported by KB Investment and MDI Ventures in December last year. KB Investment also contributed to the fundraising.
Yunus expressed that the extra strategic investment will boost their expansion aspirations by providing the country with access to high-quality education, especially in lower-tier cities, which is consistent with Cakap’s purpose to improve the lives of Indonesians,” Yunus said in a statement.
Cakap is IIF’s first investment. IIF, which is supported by numerous Indonesian family offices and private organizations, works with the United Nations Development Programme.
The fund focuses on public-private partnerships. It is reported to be Indonesia’s first private impact investment fund that adheres to environmental, social, and governance (ESG) standards.
Eddi Danusaputro, CEO of Mandiri Capital Indonesia said that they hope that by launching this new effort, IIF will serve as a catalyst for Indonesian venture capital firms and fund managers to focus their investments on impact and sustainability
Mandiri Capital, Bank Mandiri’s corporate venture capital arm, has named Joshua Agusta as IIFs fund manager and made him a partner