Digital ledger app for micro small and medium enterprises (MSMEs), BukuKas announced it has raised US$9 million in a pre-Series A round. Investors that participated in the round of funding include Sequoia Capital India’s Surge, Saison Capital, Speedinvest, S7V, January Capital and Cambium Grove Capital.
BukuKas says it will direct the fresh funds operations that will expand its product offering and build market share in Indonesia.
The startup has raised US$12 million in total. Early backers include angel investors such as Kopi Kenangan’s Edward Tirtanata, Pinelabs and Citrus pay’s Amrish Rao, as well as KoinWorks Willy Arifin.
Founded in 2019 by Krishnan M Menon and Lorenzo Peracchione, BukuKas is a platform where MSMEs owners can easily understand and manage their financial flows effectively with a free-to-use digital ledger mobile app.
Krishnan Menon, its chief executive and co-founder, said: “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 per cent of merchants are outside of tier-one cities today – and very few products and services are built for them. BukuKas is committed to reaching them, as they are the real Indonesia, the spine of our economy.”
Christopher Zemina, principal at Speedinvest, one of the early investors in European neo-banking unicorn N26, said: ”At Speedinvest, we focus a lot on innovative fintech startups that solve the problem of financial inclusion, at scale, across the globe. We are super excited by BukuKas’ vision, early traction and execution by a very strong and driven team.”