Paper.id, a Jakarta, Indonesia-based invoicing startup, raised $12 million in a Series B funding round led by GoTo-backed venture capital firm Go-Ventures.

Indonesian venture capital firm Skystar Capital; Living Lab Ventures, the investment arm of local real estate company Sinar Mas Land; U.S.-based investment firm BM Capital; and Redbadge Pacific also participated in the round.

The startup aims to grow its product and reach millions of Indonesian SMEs that are not yet digitized.

Paper.id is a developer of a SaaS-based invoicing, accounting, and inventory platform designed to provide all entrepreneurs with access to payments and finance from anywhere. 

It targets the small and midsize enterprise segment which is still heavily dependent on manual methods to manage its business.

Company: Paper.id

Raised: $12.0M

Round: Series B

Funding Month: December 2022

Lead Investors: Go-Ventures

Additional Investors: Skystar Capital, Skystar Capital, Living Lab Ventures, Sinar Mas Land, BM Capital, and Redbadge Pacific

Company Website: https://paper.id/

Software Category: Payment Solution

About the Company: Founded in 2016, Paper.id is a software-as-a-service (SaaS) startup that provides a one-stop platform for businesses to create invoices and manage their accounting and inventory. The company's platform offers seamless integration, with digital payments, supply chain analysis driven by graph node analysis, as well as machine learning to ease workflow, enabling clients to create, and send business invoices, manage their order-to-pay process, and generate reports instantly.

Source: https://asia.nikkei.com/Spotlight/DealStreetAsia/Indonesian-invoicing-startup-Paper.id-raises-12m