JAKARTA -- BukuKas, a digital ledger app for micro, small, and medium enterprises, or MSMEs, in Indonesia, announced on Monday that it has raised $9 million in a pre-Series A funding round. Investors include Sequoia Capital India's Surge, Credit Saison and Speedinvest.
The new round brings the company's total raised funds to $12 million.
BukuKas plans to invest the money in product development and strengthening the company's market in Indonesia.
In April, the company received an undisclosed amount of seed funding from Surge, Credit Saison and a number of angel investors from prominent startups. BukuKas is part of the third cohort of Surge's rapid scaling program, which provides early-stage startups from South and Southeast Asia with funding and mentorship.
Founded in December 2019 by serial entrepreneurs Krishnan Menon and Lorenzo Peracchione, the platform offers a free bookkeeping service for MSMEs that gives merchants better insights about their cash flow. BukuKas says it can help small business owners reduce costs by up to 20%, and that it serves 800,000 merchants on its platform in over 7,000 cities and districts in Indonesia.
"The speed at which BukuKas has grown in the last eight months since launch has shown us that more than ever, Indonesian small businesses are ready to go digital. Seventy-three percent of merchants are outside of tier-1 cities today, and very few products and services are built for them," said co-founder and CEO Krishnan Menon in the announcement. "BukuKas is committed to reaching them. They are the real Indonesia, the spine of our economy. And helping them prosper is our only goal."
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