Singapore-based financial analytics platform Bunker has successfully raised over US$5 million in pre-seed and seed funding from a group of regional investors. The funding round was led by Northstar Group, Alpine Ventures, Patamar Capital and January Capital along with GFC, Money Forward, Alpine Ventures, Patamar Capital and nine angel investors and nine angel investors.
The analytics startup plans to employ the newly acquired funds to accelerate its growth and further develop its platform, which offers comprehensive financial analytics solutions. Bunker aims to strengthen its position in the financial technology sector and expand its reach in the region.
The financial analytics platform helps executives with comprehensive financial visibility, converting overlooked rows in the general ledger into actionable insights.
Co-founder and CEO Shivom Sinha, who has a background in driving strategic finance functions for prominent tech companies like Gojek, Uber, and Kargo, plays a crucial role in the company’s growth. The recently secured funding of over US$5 million will enable Bunker to focus on product development and expand its team.
With its cloud-based software application, Bunker integrates into clients’ existing financial systems and enterprise resource planning platforms, allowing users to identify vendor-specific costs and negotiate advantageous payment terms.
Having gone live in the third quarter of 2021, Bunker’s platform quickly gained traction, and the company was formally incorporated on August 10, 2021, under the leadership of its co-founder, Jibrilia Alamsjah, who also serves as the CEO of Proyek Beta, a company that Bunker acquired upon its launch.
Companies using Bunker’s platform benefit from its ability to identify vendor-specific costs and negotiate favorable payment terms, streamline ad-hoc budgeting, and facilitate smoother due diligence processes for investor relations and fundraising efforts.
The platform integrates with various business software, including Jurnal, QuickBooks, NetSuite, Accurate, Xero and SAP. Unlike its counterparts, its deployment takes only days and requires no complex implementation or client training. The idea for this solution stemmed from the acquisition of Proyek Beta, the accounts and tax services startup contributing to the platform’s functionality and interface.
Proyek Beta, now operating as Bunker Books, is further expanding its reach in the market. Bunker Books serves clients in the same regions as Bunker’s financial analytics platform.
Bunker’s widespread client base covers key markets in Singapore, Indonesia, the Philippines, and Hong Kong. The company claims that its software consistently helps clients identify cost savings of at least 10% on their operational expenditure from the initial use of the platform.