JAKARTA - Digital ledger startup BukuKas has raised US$9 million in a pre-Series A funding round backed by Cambium Grove Capital, January Capital, S7V, Saison Capital, Speedinvest, and Surge.
In an official statement, BukuKas said the fresh funds will be used to expand its product offerings and strengthen its position in the Indonesian market. The startup previously pocketed an undisclosed amount in seed investment in April and has attracted several angel investors including Kopi Kenangan’s Edward Tirtanata and KoinWorks’ Willy Arifin.
Established in December 2019, BukuKas provides financial flows management services for MSMEs with a digital bookkeeping platform that can be downloaded on smartphones. The startup claims to have partnered 800,000 MSMEs and retailers across 700 cities and regencies with over US$1.3 billion in annualised value of transactions.
“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,” said BukuKas CEO and co-founder Krishnan Menon as quoted by DealStreet Asia, Tuesday (18/8).
“73% of our merchants are outside of tier-1 cities today—and very few products and services are built for them.” (MS)