Edtech startup Cialfo extends series B round by US$20m

EDUCATION technology (edtech) startup Cialfo has raised an additional US$20 million in a Series B funding round extension, led by US investment firm Tiger Global. An initial US$40 million for the round was secured in January 2022, bringing total funding in the Series B round to US$60 million.

Along with the US$15 million raised in a Series A round in February 2021, Cialfo has raised a total of US$77 million to date.

The company said on Friday (Mar 11) that the funding will be used to increase its investment in strategic markets and initiatives, which includes providing special scholarships for students in its global community.

Headquartered in Singapore, the startup aims to help students in their college application and career exploration processes. Cialfo said its platform currently connects over 250,000 high school students, counsellors and families with over 1000 colleges in 50 countries.

Cialfo's co-founder and chief executive Rohan Pasari said growing operations in critical markets and expanding Cialfo's offerings to include scholarships are some of the ways the startup plans to capitalise on the capital infusion and give more back in return.

With an increased demand for international student mobility and as virtual college recruitment soared during the pandemic, the startup said it was able to raise more than it expected for the Series B round.

Apart from Cialfo, other edtech startups such as Zenius, Cakap and Geniebook have also raised funds recently after more students turned to online platforms due to the pandemic.

Indonesia-based edtech startup Zenius said on Monday that it had secured new funding in a round led by MDI Ventures, bringing the total funding for the company to US$40 million. Other investors including Northstar Group, Alpha JWC, Openspace Ventures and Beacon Venture Capital joined the funding round as well.

The startup said the fresh funds will support the further development and expansion of its learning ecosystem. In recent times, Zenius has also acquired tutoring service provider Primagama and entered into an "exclusive partnership" with Disney.

Cakap, another edtech startup based in Indonesia, raised US$10 million in a Series B round in December 2021. MDI Ventures' Centauri Fund led the round for Cakap as well, together with Heritas Capital.

Cakap said funds will be used to advance its technology through machine learning and artificial intelligence to support students in their learning.

Meanwhile, Singapore edtech startup Geniebook raised US$16.6 million in a Series A funding round led by East Ventures and Lightspeed Venture Partners, it announced in October 2021. The startup will use the funds to improve its existing products.