JoJonomic is an Indonesian startup that got their breakthrough when participating in Google’s launch pad accelerator in January 2016. One of just eight Indonesian companies selected, their expense management software stood out.
Originally designed to help everyday people keep track of the day-to-day expenses by using a smartphone app to digitize receipts, tickets and more, offsetting income against expenses, they have now added business functionality that will allow the app to function effectively as software-as-a-service for businesses.
Streamlining Company Expense Management
The app is designed to streamline the process of reimbursing staff for their expenses. Individuals digitize their receipts and tickets as they normally would through the app, then send a request to the relevant department. Someone at the department then receives a notification, reviews the claim and either approves or refuses the request.
Because everything happens inside one app, it means less can be lost or miscommunicated across multiple emails, software, accounting processes and so on.
Business To Business
The company will continue offering its consumer based expense management system, which can track expenditure and income on behalf of users.
Where they’ll make their money is through their business to business offer, which will help small businesses manage expense claims as effectively and quickly as possible. The business to business application is currently aimed at small businesses, but scalability and enterprise features are reportedly in the pipeline to make the app more attractive to businesses of all sizes.
The company’s customers are currently all in Indonesia, and many of them are start-ups. What they lack in prestige clients they more than make up for in volume: more than forty companies now use the app as their standard expense management system, showing what they have built has proven itself in the open market. Of these, Go-Jek, Lazada, and Kudo are the ones you’ve probably heard of.
While they’re heavily invested in Indonesia right now, the opening of a new office in Singapore is making increasingly likely that the company will be looking to larger international markets for users sooner rather than later. This successful investment is also designed to be used for expansion, making now the time to get on board.
Series A Investors
This funding round was led by Maloekoe Ventures, and has attracted investment from Golden Gate Ventures, Fenox Venture Capital, and East Venture among others. This is likely because, with language support, the basic architecture of software as a service can very easily be adapted for multinational use, meaning the sky is the limit for the product if successful.
Maloekoe Ventures have gone on record saying the product has impressed them, and has their faith moving forward. Themselves a fledgling investment fund, they are sure to have wanted a sure thing to back in their first big play, and that should give people cause for confidence.
This news is published on Reuters.