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Indonesia-based coding bootcamphas raised US$3 million in a pre-series A round led by early-stage VC firm East Ventures.
The fundraise also included participation from Sovereign’s Capital, SMDV, Skystar Capital, Convergence Ventures, RMKB Ventures, Prasetia, and Everhaus, according to a statement.
Hacktiv8 plans to use the fresh investment to build more schools and set up the first income share agreement (ISA) program in Indonesia, providing an alternative to traditional student loan plans.
According to the statement, an ISA contract allows a student to raise the money they need for their education in exchange for a percentage of their post-graduation income. The program’s profit-sharing approach means that incentives are aligned between the student and the institution.
“If our graduates get a well-paying job, we will earn a good return on our investment,” Hacktiv8 CEO Ronald Ishak explained.
The company claims that its job-seeking graduates typically receive multiple job offers with an average gross salary of 11 million rupiah (roughly US$800) within two to three weeks after graduation.
Hacktiv8 works with 250 hiring partners who have signed agreements to employ its graduates and participate in a curriculum advisory board to help keep the school’s program up to date. The program’s partners include Tokopedia, Gojek, Bukalapak, Midtrans, Payfazz, Xendit, and KoinWorks. It also works with corporations such as CIMB Niaga, Hana Bank, and Siloam for scholarship programs.