INDONESIAN web developer bootcamp Hacktiv8 on Wednesday said it has raised US$3 million in pre-Series A funding, led by Jakarta-based venture capital firm East Ventures.
Also participating in this round were Sovereign's Capital, SMDV, Skystar Capital, Convergence Ventures, RMKB Ventures, Prasetia, and Everhaus.
The programme takes place 10 to 12 hours a day, five to six days a week, for 12 to 18 weeks, until students become job-ready web developers.
Job-seeking graduates from Hacktiv8 are commonly offered multiple job offers with an average gross salary of 11 million rupiah (S$1,085) per month within two to three weeks after graduating, the startup said. Graduates with honours distinctions tend to be hired within days of completing the programme, it added.
The average monthly salary of a web developer in Jakarta stands at about 16 million rupiah, according to salary comparison website salaryexplorer.com.
Hacktiv8 plans to use this newly acquired funds to build more schools and offer the first Income Share Agreement (ISA) program in Indonesia, an alternative to traditional student-loans.
The contract will allow students to raise the money they need to pay for their education in exchange for a percentage of their future post-graduation income.
“If our graduates get a well-paying job, we will earn a good return on our investment,” says Ronald Ishak, chief executive of Hacktiv8.
Hacktiv8 works with 250 hiring partners who have signed agreements to employ its graduates and participate in a curriculum advisory board to keep the startup's curriculum up to date. These hiring partners include tech unicorns Tokopedia, Gojek and Bukalapak, and financial service firms such as Midtrans, Payfazz, Xendit, and KoinWorks.
Hactiv8 also partners large corporations including CIMB Niaga, Hana Bank, and Siloam for scholarships.
Willson Cuaca, managing partner of East Ventures said: "To fill the talent gap of Indonesia’s burgeoning digital economy, developer bootcamps are the only quick solution.”
Recently, venture capital firm EV Growth - a joint venture between East Ventures, SMDV and Yahoo Japan Capital - raised an additional US$50 million for its first fund. This brought the fund to its hard cap, or maximum size, of US$250 million. EV Growth plans to deploy US$325 million for South-east Asian startups by combining active funds size for both seed and growth stage.