Largest Filipino EdTech Startup Closes Bridge Funding Round
Filipino startup Edukasyon.ph has closed a bridge funding round after securing a convertible note from investors KSR Ventures, Lorinet Foundation, and Bisk Ventures. Edukasyon, the Philippines’ largest EdTech startup, was launched in 2015 by founder Henry Motte-Muñoz.
The undisclosed sum of the convertible note will be used toward Edukasyon’s EDGE Tutor vertical, which offers K-12 digital tutoring services for students under 16 years old. This comes at a time when online schooling is under fire for inefficient modules and learning strategies. EDGE Tutor was launched last May and has already booked 1,000 classes. The program aims to address pandemic-era pain points in education by offering a globally-competitive curriculum that provides quality teachers, motivating lessons, effective learning, and convenient scheduling, according to CEO Grace David.
“We are very excited to enter the local academic support space—a fast-growing, fragmented, and still very traditional multi-billion industry. The Philippines is now where India was seven or ten years ago,” said Motte-Muñoz.
EDGE Tutor is the EdTech’s third vertical after Finder, the college and career counseling platform, and Advance, which focuses on future skills training.
Edukasyon’s last fundraising round was in 2020 when the startup closed its Series A financing round joined by EduLab Capital Partners, Obunsha Ventures, Alternate Ventures, Foxmont Capital Partners, Lorinet Foundation, French Partners, First Asia Venture Capital, and KSR Ventures. Edukasyon tripled revenues and achieved profitability for its B2B division after its Series A round, according to the startup.
The EdTech has built a community of eight million students, almost one million registered users on its site, and 100 Edukasyon employees. Its partners include Rex Publishing, UnionBank, PLDTSmart, Amazon Web Services, Unilever, Asian Development Bank, UN Women, and Ateneo de Manila University.
The Philippines’ education market is estimated to be worth just under $20 billion, and the developing EdTech landscape around the market is described as “exciting and critical” by Pierre Lorinet, founder of Lorinet Foundation.
“The next 12 months for EdTech look very promising, and we [at Bisk Ventures] look forward to being a part of it,” said Misk Bisk, CEO of Bisk Ventures.