Ruangguru Closes Series B Financing; Aims to Strengthen its Position as a Market Leader in Education Tech in Indonesia

Jakarta, 4 July 2017.  Ruangguru has just announced the completion of a new round of series B financing, which was led by UOB Venture Management, the private equity arm of Singapore-headquartered United Overseas Bank Limited. With this round of Series B investment, UOB Venture Management has joined Venturra Capital and East Ventures as venture capital backers of Ruangguru. Mr Seah Kian Wee, Managing Director and CEO, UOB Venture Management, said, “Ruangguru is an appealing investment due to the passion and capabilities of its founders, scalability of the business, as well as the positive impact it can have on students’ learning experience. We believe that Ruangguru can be a game changer given the large-scale adoption of its learning management system and the potential of its products for the Indonesian education sector.” In the past year, Ruangguru secured partnerships with 27 (out of 34) provincial governments and more than 300 city and regency governments in Indonesia. These partnerships enable students in these areas to access Ruangguru’s Learning Management System, which includes high quality question banks, classroom management and exam simulations. With the funds raised, Ruangguru will strengthen its team in the areas of educational content, technology, marketing and operations, and deepen its product adoption in Indonesia. The company will also continue to explore ways to achieve personalized education services through machine learning, and to utilize the massive wealth of academic data that it possesses. “East Ventures welcomes all new investors and looking forward for Ruangguru's next innovation. We continue our commitment to Ruangguru and double down our exposure,” Willson Cuaca, the managing partner of East Ventures remarked. "We continue to be very excited about and committed to Ruangguru's endeavors in transforming Indonesia's education. We are confident that this partnership with UOB Venture Management and other strategic investors will bring the company to new heights," said Rudy Ramawy, partner of Venturra Capital. Since its founding in 2014 by Belva Devara and Iman Usman, who were recently named by Forbes in its 30 under 30 list for consumer technology in Asia, Ruangguru has grown into a leading market player in education technology in Indonesia. Ruangguru currently counts 3 million users nationally ranging from students in grade 1 to 12, across their wide range of educational services. Ruangguru is currently present in almost every K12 education vertical, playing its role in supporting both the formal schooling system and providing high quality supplemental education outside of school.   Iman Usman dan Belva Devara.