Lumary secures a $2 million capital raise from Equity Venture Partners (EVP)
Lumary, a technology business, continues to assist in the success of the NDIS with a single managed software solution for care management.
Adelaide start-up, which provides software management solutions for the NDIS, has raised $2 million from venture capital fund Equity Venture Partners to accelerate the growth of its workflow management platform for disability and aged care providers.
Tech entrepreneurs Joseph Mercorella and Matthew English founded Lumary two years ago after they identified the need for technology solutions that could deal with the complex relationships between providers, consumers and partners all participating in the Government’s NDIS funding program.
“The investment has come at a time for us to expand our offering to support more of the market. The first 2 years were about listening, learning and developing both software and a framework to support the consumer, carer and provider. By establishing this solution we have helped to develop a commercially competitive environment, which is what’s best for the consumer” said Lumary CEO, Joseph Mercorella, “Our mission is to support and make a difference in the community that we serve and leave a legacy that we truly made a difference in a huge chapter of Australia’s health care journey.”
Lumary, which for FY19, managed about $750 million in NDIS funds, has established an industry-specific solution comprising best of breed applications in an integrated end to end offering.
The round was filled by EVP, a Sydney-based venture capital fund which has supported Australian software success stories including Deputy, Rezdy and Siteminder.
Our mission is to support and make a difference in the community that we serve and leave a legacy that we truly made a difference in a huge chapter of Australia’s health care journey.Joseph Mercorella, CEO
Daniel Szekely, Director at EVP, will join the Lumary board alongside the investment and believes that the Lumary product is critical to businesses that need to mature within the NDIS landscape.
“The unbundling of dominant, horizontal platforms like SAP and Salesforce into deep vertical platforms like Lumary is a core thematic for EVP. With the rising tide of the Government’s $43 billion dollars NDIS commitment and an industry calling out for technology driven efficiency tools to keep up within this landscape, Lumary is fast becoming an integral part of the Australian healthcare ecosystem. 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.”
Lumary’s 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.
This meant there were massive inefficiencies and monies being wasted, and ultimately it was the care recipient that wears the cost of the inefficiencies.
Additionally funds were previously distributed to the providers, whereas they are now managed by the consumer or an affiliate, providing them the power to decide on how they spend their money, which ultimately means providers need to lift their game or potentially get left behind.
Lumary develop their application on the Salesforce.com™ lightning Platform and became a Salesforce AppExchange Partner in 2017, similar to other EVP investments.
The Salesforce.com™ Lightning platform, the world’s #1 enterprise cloud platform provides the most trusted enterprise cloud infrastructure to facilitate compliance and governance, security, reliability, configurability and automation which assists with reducing administration overheads. This ensures that providers can offer those that require care, a service that truly benefits them, as well as providing the end consumer with the transparency of real time information.
Lumary is one of Salesforce.com’s fastest growing AppExchange Partner in the Asia Pacific Region, highlighting the rapid growth and success of the business so far. The company 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.
“Our first priority is addressing the needs of the Australian market today but we see the problem globally and our strategy is to take the framework we have built and apply this abroad” concluded Mercorella. The business, which currently has its head office in Adelaide and satellite offices in Sydney and Brisbane, has approximately 45 staff and continues to grow rapidly.
Lumary provides an end to end workflow management tool for aged and disability care providers. It is an Australian designed-and-built software platform that integrates with tools such as Skedulo and Pendula. It brings together comprehensive NDIS stakeholder management and business workflow for the first time in a single workflow platform delivering agility, visibility and control.
EVP is a leading early stage venture firm partnering with growing technology businesses. Today, EVP $60million under management across 2 funds. The business looks to partner with exceptional founders via investments of between $500,000 and $5million. The fund typically invests at the early growth stage, once early commercial revenues have been demonstrated and has a preference for B2B SaaS companies with global potential.
Investments include Deputy, Siteminder, Rezdy, Oneflare, Biteable, Outfit, Mad Paws, Practice Ignition, Uptick, Practifi, Snooper, Fergus, VendorPanel, UrbanYou, Foodbomb, Fusion Sport and Pendula.