Singapore B2B e-learning platform raises funds in Agaeti-led round

ProSpark, a Singapore-based e-learning platform for businesses, announced that it has closed a pre-seed funding round led by early-stage venture capital firm Agaeti Ventures.

Angel investor Adi Adisaputro and Prasetia Dwidharma, a telecom infrastructure developer and early-stage investment firm, also participated in the round.

The amount of funding was not disclosed.

Founded in 2018, ProSpark provides a business-to-business learning management system that allows employees to access individual or group trainings online. To engage and motivate learners, it gamifies the system with leadership boards, badges, and a points system.

ProSpark also lets companies onboard, train, and certify their employees. It also enables conduct knowledge transfer and collaboration.

The startup will use the new funds to expand its tech infrastructure and reach more industries in its main market of Indonesia. Its target priority sectors are currently banking and insurance.

The company also has plans to expand into new markets in Southeast Asia in the future.

“The Southeast Asian market is a proven fertile ground for digital transformation. The B2B space is ready, as we’re seeing companies starting to invest more in modernizing their training ecosystems,” said Pandu Sjahrir, a general partner at Agaeti Ventures.

ProSpark currently has 22 employees, with tech teams in Indonesia and the Philippines.

With the Covid-19 outbreak forcing people to stay at home, many e-learning companies are seeing an uptick in demand. ProSpark said it is also experiencing a surge in usage, without giving specific numbers.

“Right now, with the [coronavirus] issue, many in-person trainings have been cancelled, and companies have been looking for cheaper and more efficient ways to train people,” Alfa Bumhira, the CEO and co-founder of ProSpark, said. He added that although his company is seeing an increase in usage now, “I believe post-crisis, the demand for e-learning in both industries and institutions is going to be massive.”

Even before the pandemic, the global corporate e-learning sector is already expected to grow to US$30 billion by 2022 at a 13% compound annual growth rate. Asia Pacific could witness the fastest growth in the market, according to a report.

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