Jojonomic raises $1.5m to help small businesses manage reimbursements

Indrasto Budisantoso, Jojonomic co-founder and CEO.

Jojonomic, a startup that develops expense management software, today announced a new round of financing led by Maloekoe Ventures.

Jojonomic pocketed US$1.5 million in this series A round. It plans to use the funds to expand to more cities in Indonesia and in the region.

“We now have a representative office in Singapore,” Indrasto Budisantoso, Jojonomic co-founder and CEO tells Tech in Asia.

Focus on B2B

When Jojonomic first launched in 2015 it was an app that let users like you and me keep track of monthly incomes and expenses. Now, Jojonomic focuses on its B2B business: software that helps companies manage reimbursement claims.

The process works just like conventional reimbursement. An employee submits a reimbursement form via Jojonomic on their smartphone and uploads pictures of the receipts. Someone at the company reviews the claim and approves the payout.

“We still offer the app for personal finance management, but that’s not where we expect to see revenue,” explains Indrasto.

About 40 companies are currently using Jojonomic – some of the names are familiar because they’re also local startups, like Go-Jek, MatahariMall, Lazada, Veritrans, Kudo. Jojonomic has handled thousands of reimbursement claims, the company says.

“We believe in the future of B2B Software-as-a-Service companies in Indonesia and Southeast Asia. We’re impressed by what the Jojonomic team has achieved here,” says Adrien Gheur, co-founder and managing partner of Maloekoe Ventures.

At US$6 monthly subscription fee for businesses, Jojonomic comes at a price that’s affordable to the millions of small and medium enterprises in the region, which are Jojonomic core market.

Golden Gate Ventures, Fenox Venture Capital, and East Ventures also participated in Jojonomic’s series A round. It was one of eight Indonesian startups selected to participate in Google’s launchpad accelerator in January.

This article first appeared in Indonesian, written by Aditya Hadi Pratama. Information was translated and edited for this version.

This post Jojonomic raises $1.5m to help small businesses manage reimbursements appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/jojonomic-series-a
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