Total amount raised
$80 Millions
Latest funding date
06/01/2021
Location
BukuWarung has successfully raised significant funding through multiple rounds, including a Series A round closed in June 2021. The platform offers a range of digital solutions aimed at empowering Micro, Small, and Medium Enterprises (MSMEs) in Indonesia.
Keep reading to explore the intricacies of BukuWarung's fundraising journey and the investors backing this innovative platform.
What Is BukuWarung?
BukuWarung, founded in August 2019, is a technology company based in Jakarta, Indonesia. The company operates in the FinTech, accounting, and payments industries, focusing on providing digital solutions for Micro, Small, and Medium Enterprises (MSMEs).
The company was founded by Abhinay Peddisetty, Adjie Purbojati, Alka Gupta, and Chinmay Chauhan. BukuWarung employs between 101 and 250 people, offering services such as digital bookkeeping, online storefronts, and payment solutions to empower MSMEs in Indonesia.
How Much Funding Has BukuWarung Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2020
- Lead Investors: East Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build digital infrastructure for MSMEs in Indonesia.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: July 2020
- Lead Investors: Quona Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: September 2020
- Lead Investors: JAM Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological capabilities.
- Series A
- Amount Raised: $20M
- Date: February 2021
- Lead Investors: Rocketship.vc
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product capabilities.
- Series A
- Amount Raised: $60M
- Date: June 2021
- Lead Investors: Goodwater Capital, Valar Ventures
- Valuation at Round: Estimated between $225M to $250M
- Motivation Behind the Round: To build a robust payments infrastructure and expand financial services.
Total Amount Raised: $80M. Current Valuation: Estimated between $225M to $250M.
Key Investors
- Goodwater Capital
- Details: Goodwater Capital is a US-based venture capital firm that invests in consumer technology companies. They focus on companies that have the potential to impact large markets and improve consumer experiences.
- Investment Focus Areas: Consumer technology, large markets, improving consumer experiences.
- Notable Investments: Spotify, Chegg, Stash.
- Valar Ventures
- Details: Valar Ventures is a US-based venture capital firm that focuses on early-stage investments, particularly in fintech companies. This is their first investment in Indonesia.
- Investment Focus Areas: Early-stage fintech companies, transformative technology, digital infrastructure.
- Notable Investments: TransferWise (now Wise), N26, Xero.
- Rocketship.vc
- Details: Rocketship.vc is a venture capital firm that invests in data-driven companies. They focus on identifying high-growth opportunities through data analytics.
- Investment Focus Areas: Data-driven companies, high-growth opportunities, technology.
- Notable Investments: Not publicly disclosed.
- JAM Fund
- Details: JAM Fund is a venture capital firm that invests in early-stage technology companies. They focus on supporting innovative startups with strong growth potential.
- Investment Focus Areas: Early-stage technology, innovation, growth potential.
- Notable Investments: Not publicly disclosed.
- Quona Capital
- Details: Quona Capital is a venture capital firm that invests in fintech companies in emerging markets. They aim to improve financial inclusion and access to financial services.
- Investment Focus Areas: Fintech, emerging markets, financial inclusion.
- Notable Investments: Not publicly disclosed.
What's Next for BukuWarung?
As BukuWarung looks to the future, the opportunities are vast. With Indonesia's 60 million micro SMEs contributing significantly to the GDP, BukuWarung is poised to enhance its technology and product capabilities. The company aims to build a robust payments infrastructure and expand its digital payment features, introducing more financial services like lending, savings, and insurance. The potential market size is substantial, with BukuWarung already serving over 6.5 million registered merchants across 750 cities and towns.
Future fundraising opportunities seem promising, given the company's growth trajectory and market leadership. BukuWarung's plans to double its team size and expand its engineering and product teams indicate a need for additional funding to support these initiatives. The increasing digitization of micro SMEs and the growing adoption of digital payments further bolster the company's prospects for attracting future investments.
However, BukuWarung may face challenges such as competition from other fintech companies and ensuring the adoption of digital tools by traditional merchants. Scaling operations while maintaining cost-effectiveness and navigating regulatory requirements in the financial services sector are also potential hurdles. Despite these challenges, BukuWarung's strategic focus on enhancing its offerings and expanding its market reach positions it well for continued growth and success.
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