Ruangguru Officially Raises Series B Funding from UOB Venture Management

Startups EdTech Ruangguru inaugurates Series B funding led by UOB Venture Management, a private equity firm in Singapore with an undisclosed amount.

With this funding, UOB Venture Management joins Venturra Capital and East Ventures as capital backers Ruangguru. Both of them are none other than the investors who led the funding in the previous stage.

Ruangguru will use the fresh funds obtained to strengthen the team, especially in terms of educational content, technology, marketing, operations, and product improvement in Indonesia. The company will also continue to look for the best way to provide personalized digital education services, by optimizing the wealth of academic data it has.

[Read also: Maneuver Ruangguru Increase Traction in the Middle of Indonesia's Still Difficult Educational Technology Market]

"Ruangguru is an attractive investment due to its passion and management capabilities, business scalability, and the potential positive impact it can have on students in Indonesia. We believe Ruangguru can change the business game in the education sector, given the large adoption of its learning management system and the potential of other products," said UOB Venture Management Managing Director & CEO Seah Kian Wee in an official statement received DailySocial, Tuesday (4/7).

Managing Partner of East Ventures Willson Cuaca adding, that it welcomes all new investors and looks forward to the next innovation from Ruangguru. He also confirmed his commitment to Ruangguru and doubled his investment there.

Since Ruangguru founded in 2014 ago, user Ruangguru reached 3 million people, consisting of students from grades 1 to 12 in the various educational services provided. Ruangguru present at every level of education, in line with the company's commitment to support the formal education system as well as quality additional education outside of school.

[Read also: Indonesian Education Technology Startup Notes in 2016]

The educational services provided Ruangguru to support formal education at the elementary and secondary school level, starting from integrated subscription learning video services (RuangBelajar), private tutor marketplaces (RuangLes), tutoring services online on demand (SpaceLesOnline), and group chat-based distance learning education solutions (Ruangguru Digital Bootcamp).

Over the past year, Ruangguru focus on collaborating with 27 provincial governments and more than 300 city and district governments to expand access to Learning Management System services.

These services include quality question banks, class management, and online exam simulations. And, it is claimed to be the main key in supporting the formal education system in Indonesia. Because dashboard panels and insight data are available for the government to support data-based policy making, which was previously impossible.

"[..] We also believe that by strengthening cooperation with the government, it will help us to expand the company's operational reach nationally," concluded the Co-Founder and CPO Ruangguru Iman Usman.