Ruangguru Secures USD 55 Million New Investment Led by Tiger Global Management
JAKARTA, Indonesia, April 21, 2021 (Newswire.com) - Indonesia's homegrown Edtech - Ruangguru, the largest education technology company in Southeast Asia, secured USD 55 million investment led by Tiger Global Management following its previous USD 150 million Series C funding led by General Atlantic and GGV Capital in December 2019. GGV Capital also participated in the funding round together with Tiger Global. Ruangguru's earlier investors include East Ventures, Venturra Capital, and UOB Venture Management among others.
Doing its part during the pandemic, Ruangguru initiated several social initiatives to bring impact in education. Immediately after the stay-at-home government order was issued, Ruangguru launched Ruangguru Free Online School to ensure learning does not stop, with more than 10 million students in Indonesia accessing the service. For its innovation in bringing Free Online School during the COVID-19 lockdowns, Ruangguru was recently named as one of the Top 25 World's Most Innovative Company by Fast Company (#2 in Education Category), the only Indonesian company to ever be selected for the list.
"As Southeast Asia's leading provider of quality online education, Ruangguru is poised to further transform and improve the landscape for K-12 and adult learning. We are excited to partner with them as they continue to innovate solutions for this market and advance high-quality education for learners of all ages," said Evan Feinberg, Partner, Tiger Global Management.
"Our continued investments in Ruangguru is a testament of our confidence in their commitment to advance quality education for all. Since the previous Series C round, we have witnessed first hand Ruangguru's unwavering commitment to education, especially during the trying times of the COVID-19. We will continue to support companies that are bringing a lasting impact to our future through education technology," said Jixun Foo, Managing Partner at GGV Capital. Edtech is a key global investment thesis for GGV with portfolio companies such as Zuoyebang, Vedantu, and HuoHua.
"We are excited to partner with Tiger Global and have the continuing support of GGV Capital, both renowned global firms with investments in some of the best education technology companies globally. We share the same vision of a world with access to quality education for all. Ruangguru has continued to experience a strong growth trajectory in the past year and this investment will help us further expand our business and deliver meaningful impact in education, through technology," said Belva Devara, Co-founder and Chief Executive Officer of Ruangguru.
Media contact:
Anggini Setiawan
Head of Corporate Communications of Ruangguru
anggini@ruangguru.com
HP: +62.818.811.117
Source: Ruangguru Corporate Communication