Jakarta-based accounting SaaS company Jurnal announced today it raised an undisclosed Series A round to improve product development and infrastructure scaling.
Participants in the round were East Ventures, Fenox Venture Capital and an angel investment from Budi Setiadharma, the Commissioner of PT Astra International Tbk.
In March 2015, East Ventures invested a seed round into Jurnal after the launch of their Beta product a couple of months earlier in January. The financial details of that investment were also undisclosed.
Jurnal is a cloud-based accounting software aimed at organising the bookkeeping of SMEs. It offers services like financial reporting, inventory tracking and real-time collaboration.
“It is time for Indonesia, [with] 57 million SMEs to enhance their competitiveness in the Asian Economic Community through proper control and management for their finances, which is facilitated by Jurnal,” said East Ventures Managing Partner Weather Willson in an official statement.
With 7,000 users on board, the company advertises itself as a cheap alternative to traditional accountants in Indonesia, who might be more expensive due to labor costs.
Jurnal Co-founder Anthony Kosasih hinted at the startup pursuing partnerships with other companies and said 2016, “will be very interesting for Jurnal”.
With six offices spread between Jakarta, Tokyo and San Francisco, East Ventures has made significant investments in the Indonesian startup scene. Notable portfolio companies from the island nation include Tokopedia, Bridestory and Traveloka.
Fenox Ventures is a Silicon Valley-based company but makes global investments and has some well-known Southeast Asian startups in its portfolio. Fenox and East Ventures have both invested in Bridestory.
As Chairman of Astra International, Budi Setiadharma heads Indonesia’s largest automotive distributor and producer (thanks in part to partnerships with Toyota, Daihatsu and Isuzu).