According to reports, Indonesia-based cloud accounting platform BukuKas has raised $10m for its Series A funding round to support its user acquisition strategy.
A report from TechCrunch reports that Sequoia Capital India served as the lead investor in the company, and that Saison Capital, January Capital, Founderbank Capital, Cambium Grove, and Endeavor Catalyst also participated in the company.
The funds will be used by BukuKas to increase user acquisition, expand their engineering team, and bring out new products as a result of the funds.
In the short-term, the FinTech company is planning on expanding to other parts of Southeast Asia as well, but in the short-term it is focusing on the Indonesian market for SME’s.
With the help of BukuKas, small and micro businesses can get a cloud accounting solution that fits their needs. Through their mobile devices, customers can access digital bookkeeping to record their sales, expenses, and cash transactions in real-time.
The dashboards of the software allow users to manage all of their invoices, calculate stock, produce income statements and report summaries of invoices, as well as a lot more.
There was $9 million in Series A funding secured by the company last year from a group of investors that included Sequoia Capital India, Saison Capital, S7V, and SpeedInvest. As of now, it is unclear whether the fresh funding raised is part of a funding round that has already been closed.
There are a couple of Indonesian FinTech companies that have just closed a funding round and are looking forward to an exciting year in 2021. There are reports that Bibit has raised $30 million in funding from Sequoia Capital India, East Ventures, EV Growth, AC Ventures, and 500 Startups. The funding was led by Sequoia Capital India and East Ventures.
It provides consumers with a platform that automatically invests in mutual funds and helps them build a diverse portfolio.
A software-as-a-service firm called BukuKas has reportedly earned $10 million for its Series A round to back user acquisition.
Sequoia Capital India served as the lead investor, with participation also coming from Saison Capital, January Capital, Founderbank Capital, Cambium Grove and Endeavor Catalyst.
With $20 million in funding, BukuKas plans to increase user acquisition, grow its engineering and product teams, and launch new products.
The FinTech is focusing more on the small to medium-sized business market in Indonesia, but it still plans on investing in SMEs as well.
BukuKas is a cloud-based accounting system that helps micro and small-businesses manage their books and their clients.
Clients can use digital bookkeeping to track sales, expenses, and cash receipts. They can access the data through their mobile phone or computer.
Salesforce offers invoicing software that allows users to manage all of their invoices, calculate stock, create income statements, invoice summary reports and more.
We have just closed our Series A.
This news is unclear if it’s an extension or if they already have funding.
Indonesia’s FinTech startups have already begun 2020, after a couple of them closed up new funding rounds earlier this year.
The Robo-advisor platform, Bibit, reportedly raised $30 million in funding from Sequoia Capital India, East Ventures, EV Growth, AC Ventures and 500 Startups.
The company helps consumers build a diverse portfolio by providing them with access to their investments.