East Ventures Leads 233 Billion Rupiah Funding to Edtech Startup Geniebook

Singapore-based edtech startup Geniebook obtained series A funding of $16.6 million or around 233 billion Rupiah led by East Ventures through Growth Fund and Lightspeed Ventures Partners. This funding will be used to expand team members.

A series of prominent angel investors include John Danner (Dunce Capital), Gaurav Munjal and Roman Saini (Unacademy), Kunal Bahl and Rohit Bansal (Snapdeal), Alvin Tse (Xiaomi), Linh Pham Giang (Hocmai), as well as several senior executives from the leading companies in Southeast Asia, such as Gojek, Grab, and Shopee, were also participated in this funding.

Previously, Geniebook had secured a $1.1 million pre-series A funding round from Apricot Capital in 2019.

For a general note, Geniebook was founded in 2017 by Neo Zhizong and Alicia Cheong. This platform offers various online learning products through personalization by combining blended learning experiences according to student needs. The subjects provided include English, mathematics, and natural sciences (IPA).

The company claims to have achieved more than 2000% revenue growth with 150,000 user base in Southeast Asia. Currently, the Singapore-based company will continue to expand its business regionally in Indonesia, Vietnam and Malaysia.

Geniebook's CEO & Co-founder, Neo Zhizhong said he would scale the team for a number of strategic positions, from curriculum, engineering, product, to growth to maximize the online learning experience. To date, Geniebook already has 350 employees worldwide.

"We will continue to innovate on existing Geniebook products. For example, GenieSmart or personalized worksheets with AI, GenieClass or teaching and learning spaces through online classes, and GenieAsk which allows students to chat and receive help from experienced teachers in real-time," he said in an official statement.

Geniebook's COO & Co-founder, Alicia Cheong said the company is ready to take the leap to the next step with the extra team, product innovation, and a strong focus on providing a more personalized learning experience supported by technology.

Meanwhile, East Ventures' Managing Partner, Roderick Purwana revealed, the edtech platform played an important role and accelerated the offering of their solutions to users in line with the Covid-19 pandemic situation in its second year. His team also discovered that Geniebook has shown a strong appeal in foreign markets, including in Vietnam, which has experienced growth of up to three times compared to last year.

Edtech momentum

Various edtech players in Southeast Asia continue to benefit from the Covid-19 situation as a momentum to accelerate product and business growth going forward. Especially in Indonesia, face-to-face teaching and learning activities (KBM) in new schools have been opened gradually.

On a separate occasion, East Ventures' Co-founder and Managing Partner, Willson Cuaca revealed how the pandemic has accelerated digital adoption and boosted investment in Indonesia's digital sector. Healthtech and edtech are two of the digital sectors playing a significant role since the pandemic first took place.

Source: e-Conomy SEA Report 2020

This is also reflected in the increase in services from the East Ventures portfolio, Ruangguru, with an increase of users up to 50%. In addition, Willson highlighted how the pandemic has boosted the investment climate in Indonesia from previously $3.4 million in 2020 to $4.9 million in the third quarter of 2021.

"This number was identified as consumer behavior changed to digital-based or online behavior. All investors became more aggressive and optimistic because digital acceleration happened on top of everything else," Willson said.

–Original article is in Indonesian, translated by Kristin Siagian