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Refocus Limited

The Online Education Platform

Indonesia
Market: Education, training, Another
Stage of the project: Operating business

Date of last change: 07.10.2022
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Idea

The Online Education and Career Platform founded in early 2022 in the Philippines and Indonesia by serial EdTech founders with 4 successful exits valued at over $300 million.

Current Status

Refocus was launched in January 2022 in the Philippines and Indonesia. Since then we have already earned $1 000 000+ revenue and hired 250+ people.

We have formed an Advisory Board of great experience, signed up 10+ new lecturers on Digital Marketing from LingoTalk, AlKautsar Cater Indonesia, YDragon and Caliber, hired all C-level management on board, so now the core roles covered, and launched two new courses - Data Analytics and Web-development.

Market

Indonesia

THIRD LARGEST 44.7 MILLION POPULATION at the age of 15 - 24 in the entire world (following only India and China). Young workforce fueling economic growth and pushing development of the middle class that will bring Indonesian economy to Top-10 by 2030.

THE THIRD LARGEST EDUCATION MARKET IN ASIA numbers over 45 million students and pupils. In 2021 total education market amounted to 80 billion$ with CAGR 10.3%. EDTECH MARKET estimated about 20 BILLION$ WITH CAGR 24.9%.

LACK OF IT SPECIALISTS to support Digital economy transformation. Every year 50,000 of IT students graduate from Indonesian universities while current annual demand on IT workforce is 600,000 (12x higher). Data Scientist, JS Dev, Back-end Dev, QA are among the most popular emerging jobs.

The Philippines

OVER 45% OF WORKFORCE ARE UNDER 30 YEARS OLD. Philippines has one of the youngest population on ASEAN, as well as a high population growth rate.

EDTECH EXPECTING RAPID GROWTH WITH CAGR 21.7%. Total education market is valued over 18 billion$, anticipated CAGR 12.2% till 2025.

HIGH GRADUATES UNEMPLOYMENT AND UNDEREMPLOYMENT RATE as a result of low quality higher education and skill mismatch. Official graduates unemployment is about 8%, total graduates underemployment is estimated near 20%.

IT IS THE MOST POPULAR AREA among emerging jobs: Data Scientist, Full Stack Engineer, Data Engineer, JS Developer, Cloud engineer are on the LinkedIn top list in 2021.

Problem or Opportunity

Firstly, graduates can’t get a job in IT because Universities fail them in providing practical skills. At the same time, there is a huge demand from IT companies: for each CV, there are 12 open IT vacancies.

Secondly, current online education platforms have 10-20% completion rate. So 8/10 students pay for nothing.

Solution (product or service)

Refocus teaches practical IT skills in 8 months (~6 hours / week) and helps to land a new job in IT with a 1000+ USD salary.

Refocus has 60-70% completion rate because of advanced support, home assignments with feedback & collaborative learning features.

Competitors

Our competitors are Bootcamps (Coursera, Udemy, EdX) and Moocs (Hacktive, Impact Byte, Coders Lab, ZUITT).

Bootcamps:

No wide audience
No learning without quitting a job
No prepayment system
Check - $5000+

Mooc:

No quality control of educational videos
No group learning (small % of completion = no value)
Poor support
Not job-oriented
No career centre
Nobody values their certificates
Check - $100

Advantages or differentiators

Refocus:

No hiring gap
Destination point: job in IT
Student-oriented
Practice-oriented knowledge
Constant improvements based on feedback
Customer support
Motivational track
We work with HR managers of big companies and hiring managers to prepare ready-to-job specialists

Finance

ARPU = $900
MRR = $77000
LTV=$900
150 paying customers
5% churn

We charge $900 for our courses and provide 12 months installments so that every person can afford education. We receive the whole sum as full prepayment from a bank. Banks provide our students with installment plans at a fee ranging from 15% to 30% that we cover on our side.

We are gradually increasing the price, as well as adding more value to our products and building strong brand awareness on SEA markets.

Business model

B2C

We charge $750 for our courses and provide 12 months installments, so that every person can afford education, and we receive the whole sum as full prepayment from a bank.

Money will be spent on

We are going to raise USD 10M in the next round

$4M For New Markets set-up and scale
$3M For Performance Marketing & Brand marketing
$2M For New Courses Production
$1M For IT infrastructure

Team or Management

Won the competition and other awards


The 3d place in Unicorn Battle in APAC, May 19 2022
The 3d place in Unicorn Pitches in Malaysia + Indonesia, August 26 2022

Photos

Photo 1 - The Online Education Platform
Photo 2 - The Online Education Platform
Photo 3 - The Online Education Platform

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Idea
Current Status
Market
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Finance
Invested in previous rounds, $
Business model
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Team or Management
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