Refocus is an EdTech company that turns people into IT specialists in 8-month and helps them get a job at top IT companies.
Refocus was launched 4 months ago in the Philippines and Indonesia with its own money. The company is founded by serial edtech founders with 4 successful exits with a total valuation of over $100m.
Refocus was launched 4 months ago in the Philippines and Indonesia, and already earned $100K+ revenue, hired 70+ people, and found product market fit.
We have formed an Advisory Board of great experience, signed up 4 new lecturers on digital marketing from LingoTalk, AlKautsar Cater Indonesia, YDragon and Caliber, hired new C-level people on board, with them we now have the core roles covered, launched two new courses - Data analyst course and Web developer course.
THIRD LARGEST 44.7 MILLION POPULATION at the age of 15 - 24 in the entire world (following only India and China). Young workforce fueling economic growth and pushing development of the middle class that will bring Indonesian economy to Top-10 by 2030.
THE THIRD LARGEST EDUCATION MARKET IN ASIA numbers over 45 million students and pupils. In 2021 total education market amounted to 80 billion$ 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.
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
1. 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.
2. Current online education platforms have 10-20% completion rate. So 8/10 students pay for nothing.
Solution (product or service)
1. 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.
2. Refocus has 60-70% completion rate because of advanced support, home assignments with feedback & collaborative learning features.
Our competitors are Bootcamps (Coursera, Udemy, EdX) and Moocs (Hacktive, Impact Byte, Coders Lab, ZUITT).
No wide audience No learning without quitting a job No prepayment system Check - $5000+
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
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
We charge $900 for our courses and provide 12 months installments so that every person can afford education as 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.
We charge $900 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
Our plans remain the same: We are going to raise USD 2.5M in May and USD 4.5M in September.
Right now we have 25% in hard commit. And 50% in soft commit from European VC’s.
$1.5mln For Perfomance Marketing $0.2 For Brand Marketing (Incl. Free courses & Webinars) $0.3 For Production $0.5 For IT infrastructure