Accounting software Jurnal from Indonesia raises series A

Jurnal is a web-based accounting software for small and medium enterprises, based in Indonesia. Today the startup announced it raised a series A round of investment led by East Ventures. Fenox VC and angel investor Budi Setiadharma were also part of this round. The amount raised was not disclosed.

Founder Anthony Kosasih said the funds will be used to expand the business, in particular through partnerships with companies and government institutions.

“It’s time the 57 million small and medium enterprises in Indonesia increase their competitiveness in the ASEAN economic community through proper control and management of their finances, which is facilitated by Jurnal,” said Willson Cuaca, managing partner of East Ventures.

Launched early last year, Jurnal claims to have 7,000 active users. Its software includes features like invoicing, reporting, and asset management. The startup says it holds itself up to international security and privacy standards when it comes to handling client data.

The company was started by Anthony together with his Daniel Witono, both of whom have a background in IT. Daniel previously worked at Microsoft and local payment gateway Veritrans.

Other Indonesian startups offering web-based accounting solutions are Akunting Mudah, Hartkaku, and Kiper.