ACADEMIC portal provider Edukasyon has received a new round of investment from both local and foreign venture capitalists to help bankroll its expansion plan.
“Unfortunately, we’re not releasing the amount to the public,” the company said through text message on Tuesday when pressed by the BusinessMirror.
The local youth platform, however, bared the undisclosed value of capitalization will come from the recently launched $10-million Philippine Fund from Gobi Partners, a Shanghai and Kuala Lumpur-based venture capital, and homegrown Core Capital.
This brings them onboard, together with Edukasyon’s Asian and European investors, including Mustard Seed, KSR Ventures and French Partners.
“We are excited to partner with Gobi-Core,” said Henry Motte-Muñoz, CEO and founder of Edukasyon,
Their alliance, he said, leverages on their “experience and network in Asia Pacific alongside Philippine-specific expertise.”
“These will prove invaluable as we expand our product offering, and grow our reach nationwide,” he said.
Edukasyon is the leading one-stop online channel for gen Z Filipino youth, aged 13 to 23 years old.
Despite spending over $13 billion on education, this age group of students in the Philippines is faced with a fundamentally inefficient system where only 15 percent of them will get into higher education and find a job at graduation.
As a result, 25 percent of the young populace in the country is either unemployed or underemployed. Hence, informed decision-making and proper support is imperative to ensure the students’ success.
This is where Edukasyon comes in to guide them and ensure that they do not only get into college, but also achieve their desired careers.
“Edukasyon’s dedication through education access is an important topic to address in the country,” said Carlo Delantar of Core Capital.
“Working with their passionate team, together with Core Capital, we can impact and create opportunities for millions of Filipinos,” he added.
Initially serving a small segment of senior high schools in Metro Manila in 2015, Edukasyon has since expanded nationwide to related verticals.
In 2018 alone, it reached more than 10 million student visitors, connecting them for free to over 10,000 colleges, technical-vocational schools, review centers, online education providers and foreign universities.
It, likewise, opened last year offices in Central Luzon and Mindanao, as well as started exploring various partnerships with other institutions seeking to empower the youth, including Asus, FWD, Ayala Malls, Cebu Pacific, and with high-impact projects like Investing in Young Pinays, a partnership with the Australian government.
Edukasyon aims to further develop both its user- and client-base outside Metro Manila, when in fact by 2020, it aims to become the go-to online youth platform for every gen Z Filipino by developing an ecosystem of relevant services and solidifying its presence nationwide.
“Through our investment, we aim to boost Edukasyon’s mission to reach all students nationwide,” Delantar said.