Software management solutions startup Lumary, one of Salesforce.com’s AppExchange Partner in the Asia Pacific region, announced that it has raised $2 million in funding from venture capital firm Equity Venture Partners.
Lumary, which provides an Australian designed-and-built software platform, said it will use the fresh funding to fast-track the expansion of its workflow management platform targeting disability and aged care providers.
With the fresh capital, the startup said it plans to expand further into the region and sees it as an opportunity to address a global issue that is high on many government agendas.
Founded in 2017 by tech entrepreneurs Joseph Mercorella and Matthew English, Lumary seeks to use technology to streamline the complex relationships between the Australian government’s National Disability Insurance Scheme (NDIS) and the service providers and consumers.
The startup, which managed about A$750 million in NDIS fund in fiscal 2019, said its technology is important because previously the rollout of funds in aged care and disability sectors was outdated, labour intensive and the technology being used was across multi-platforms.
Lumary CEO Joseph Mercorella said the technology helps in developing a commercially competitive environment that is “best for the consumer”.
Lumary develops its application on the Salesforce.com lightning Platform and became a Saleforce AppExchange Partner in the Asia Pacific region in 2017.
Equity Venture Partners, the lead investor in the funding round, is an early-stage venture firm that has been partnering with growing technology businesses. It currently manages $60 million across two funds and invests between $500,000 and $5 million.
The VC firm is an investor in Deputy, Siteminder, Rezdy, Oneflare, Biteable, Outfit, Mad Paws, Practice Ignition, Uptick, Practifi, Snooper, Fergus, VendorPanel, UrbanYou, Foodbomb, Fusion Sport, and Pendula.
The investment will bring Daniel Szekely, director at Equity Venture Partners, to the Lumary board.
“The founders intimately understand the technology needs of this evolving industry and they have built a best in class product to service this need. We are pleased that they have chosen to partner with us on an initiative that will ultimately support the success of a Government-led initiative as significant as the NDIS,” Szekely said.