Ledgerowl founders
Indonesia-based fintech Ledgerowl today announced the successful completion of its pre-seed funding round, led by Init6 and Investible, for an undisclosed amount.
The investment will allow Ledgerowl to further develop its product and accelerate growth.
“We are grateful for the support of both investors and the confidence they have shown in our team and technology,” said Ledgerowl CTO & Co-Founder Adrian Yasin. “With their guidance and funding, we can now accelerate our growth and accelerate our products to market faster. We’re excited to work with our new investors and look forward to helping SMBs across Southeast Asia add efficiency to their back-office operations.”
The company said that since its inception, it has been bootstrapping and reinvesting profits into the company and technology. During the pandemic, the number of customers grew significantly as the demand for more flexible accounting and remote services soared.
“While we’ve successfully bootstrapped to date, we realised how an injection of capital will add fuel to scale and grab this fast-growing market,” said Ledgerowl CEO & Co-Founder Rey Kamal.
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Ledgerowl’s AI-powered platform leverages machine learning to automate many of the tasks involved in bookkeeping, such as data collection, data entry, reconciliation, and classification of transactions. The startup aims to empower business owners to maintain accurate financial information, reducing the need for hiring internal accounting staff, reducing the cost of bookkeeping, and improving their financial decision-making.
In a statement, Ledgerowl explains that it was born out of a passion when Co-Founder Rey Kamal began managing bookkeeping for his friend’s small business as a side hustle. Late nights crunching numbers and generating financial reports made him realise that much of the process was repetitive and could benefit from automation.
Co-Founder Adrian Yasin later joined and the brand was officially launched in 2019.
In 2020, Ledgerowl welcomed its first strategic partner, Umawar Investment Group. According to the startup, the family group supercharged Ledgerowl’s growth leveraging their vast ecosystems, experience, and business contacts to help validate the idea.
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Image Credit: Ledgerowl
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