Ledgerowl’s seed funding fuels deeper push into Australia

Ledgerowl, an Indonesia-based SaaS bookkeeping firm, has raised an undisclosed amount of seed funding led by Skystar Capital, with participation from Incubate Fund Asia.

The fresh capital will be channeled toward the company’s AI-powered accounting tool and expand its presence in Australia, co-founder and CEO Rey Kamal tells Tech in Asia. Ledgerowl uses AI to automate tasks such as data collection and entry, reconciliation, and transaction classification.

(From left) Ledgerowl’s COO Oscar Syarif, co-founder and CEO Rey Kamal, and co-founder and CTO Adrian Yasin / Photo credit: Ledgerowl

Ledgerowl first entered the Australian market in early 2025. It now has around 15 clients in the country, which range from logistics firms to a pilot school in Melbourne.

The company now serves around 180 businesses in total as of January, up from 120 the previous year. In Indonesia, its clients hail from sectors such as F&B, property development, and creative agencies.

The funding extends Ledgerowl’s runway by to more than two years.

Revenue jumped in 2025

Ledgerowl goes beyond providing accounting tools. It also generates financial reports and hires professional accountants to perform checks on the work.

In bookkeeping, human involvement is still important because professional credentials are still required to carry out the task. Ledgerowl uses AI to automate routine accounting activities while keeping humans in the loop to review the results.

2025 was one of the company’s best years. Last year, the firm’s revenue grew between 60% to 70% year on year, its CEO says. While he didn’t share more specific metrics, Kamal says revenue has grown 15x since the firm’s inception in 2019.

Ledgerowl is not yet profitable.

There is a certain level of maturity that Indonesia has not yet achieved, whereas in Australia this is already the norm.

Still, AI automation has helped improve its gross margins by making human-in-the-loop reviews more efficient, allowing fewer people to support more clients.

Beyond healthier margins, growth has also been driven by the company maintaining its prices. The firm previously tested lowering its bookkeeping service fee by around 800,000 rupiah (US$47) per month, but found this to be “not a good strategy overall,” as the lower pricing was not sustainable.

According to its website, Ledgerowl charges 3 million rupiah (US$178) per month for its bookkeeping services, while a package that includes tax services costs 6.5 million rupiah (US$387) per month.

Why Australia?

Old SaaS is dead