SaaS Startup Ledgerowl Pockets Funding, Ready to Accelerate Products for MSMEs

Financial record keeping startup for SMEs Ledgerowl announces funding of a pre-led led funding round init-6 and Investibles. No mention of the nominal investment received. The company will utilize the funds to develop its products and accelerate growth.

Ledrowl is a SaaS startup that develops solutions for business owners to easily, quickly and inexpensively generate financial reports. The platform is powered by AI and leverages machine learning to automate many of the tasks involved in bookkeeping, such as data collection, data entry, reconciliation, and classification of transactions.

This eliminates the need for businesses to recruit additional dedicated personnel to perform the task, reducing their bookkeeping costs and improving their financial decision making.

"With guidance and funding, we can now accelerate our growth and get our products to market faster. We are delighted to be working with our new investor and look forward to helping MSMEs across Southeast Asia to add efficiency to their operations." back-office them," said Ledgerowl Co-founder & CTO Adrian Yasin in an official statement, yesterday (21/2).

Each investor submitted his statement regarding this investment.

Init6 Venture Partner Rexi Christopher said, "Ledgerowl's founders have solid experience and understand market needs well. Therefore, we believe they can lead the company to exponential growth in the near future. We believe Ledgerowl will be a must-have solution for MSME owners to manage their books and accounting affairs."

Principal Investible Khairu Rejal added, "Adrian and Rey have proven they are solving sizeable problems for the Indonesian market, with the potential to strategically expand in the larger region. They have demonstrated the grit, capability and dynamism needed to capture this market. , and we are excited to support them in their next phase of growth."

Ledrowl

Ledgerowl was originally born from the passion of Rey Kamal (Co-founder and CEO) who managed the bookkeeping for a friend's small business as a side job. He had to stay up late to calculate and produce financial reports, which he realized was that much of the process was repetitive and could benefit from automation.

Then, he invited Adrian Yasin and shared his vision for streamlining financial management. Together, they collaborated to develop an innovative automation concept that would transform the bookkeeping process. Ledgerowl was officially present in 2019.

A year later, the company welcomed its first strategic partner, Umawar Investment Group. As Venture Builders of fledgling startups, the family group drives Ledgerowl's growth by leveraging their extensive ecosystem, experience and business contacts to help validate the idea.

"We have seen how Ledgerowl can add value to MSMEs and grow their business from humble beginnings in a garage. We look forward to seeing more of their solution-based products and will always provide full support to achieve their goals," said Group President Director Alwi Mulachela .

Rey revealed, since the beginning Ledgerowl did bootstrapped and reinvest all profits into the company and technology. During the pandemic, the number of subscribers grew significantly as demand for more flexible accounting and remote services soared.

"While we have managed to bootstrap To date, we recognize how the capital injection will add fuel to scale and reach this fast-growing market," said Rey.

Currently the growth rate of new MSMEs in Indonesia is one of the fastest in the world. However, awareness of the importance of bookkeeping still needs to be improved. Traditionally, bookkeeping in the MSME sector is a time-intensive and often manual process. Complex accounting processes, coupled with the ever-increasing hiring of in-house accounting teams, is a challenging combination for any employer.

Separately when contacted DailySocial.id, Rey realized that Ledgerowl was not a new thing in Indonesia. However, he emphasized that the main differentiation with similar players is that his party delivers "outcome-based accounting" rather than "tools-only". This means that business owners only have to provide relevant data for their business books, and they can get the reports they need.

"We see that in Indonesia, awareness of the importance of bookkeeping is starting to be seen in generations entrepreneur young. From the external side, the tax office is starting to be seen as active in conducting outreach to business owners. From the internal side, we try to be able to provide educational content through social media," he said.

The team is also committed when it comes to data protection. Ledgerowl developed data encryption and use authentication to reduce the risk of being accessed by unauthorized persons. "As a user, we train users within the organization to be able to understand the importance of keeping data secure."

For its monetization, Ledgerowl utilizes a claimed subscription fee which is much cheaper to acquire "outcome" rather than have to hiring internal. The company is committed to continuing to reduce these costs by focusing on gettingdeploy automation in the process of bookkeeping and administration.

"This year we will also make sure economic units awake by lowering monthly subscription to users," he concluded.