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Bookkeeping start-up Lummo gets $80m in series C funding
The latest funding round has added to Lummo's war chest as competition to digitize the country’s SME sector heats up.
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A person using the Lummo app is shown in this undated photo. (Courtesy of Lummo)
B
ookkeeping start-up Lummo, which focuses on small and medium enterprises (SMEs), announced on Wednesday that it had raised US$80 million in series C funding to develop its platform.
The latest funding round was led by previous backer Sequoia Capital India and Tiger Global. Google’s venture capital arm, CapitalG, and several angel investors also participated in the round.
“This round of funding signals strong confidence from global investors that Southeast Asia is a booming region, especially in the technology sector,” Lummo founder and COO Lorenzo Peracchione told The Jakarta Post on Tuesday.
He said that the fund would be used to develop new features, such as chat commerce and catalogs for different e-commerce platforms. Lummo also planned to enhance its website builder and add personalized features.
Digitizing SMEs, especially warung (vendor kiosks), has become a trend among tech companies, as small retailers make up a major chunk of Indonesia’s $380 billion retail market, according to management consulting company Redseer. SMEs also account for around 60 percent of the country's gross domestic product and employ some 97 percent of its total labor force.
Rival SME bookkeeping start-up BukuWarung announced in June last year that it had bagged $60 million in a series A funding.
Read also: Tech giants race to digitize ‘warung’
