Salesforce, SA Venture Capital Fund among investors in Lumary

An Adelaide technology start-up has secured $17 million from investors, including global tech giant Salesforce and the South Australian Venture Capital Fund.

Lumary chief executive Joseph Mercorella. Supplied by Lumary

Technology giant Salesforce and the South Australian Venture Capital Fund (SAVCF) are among investors who have tipped $17m into Adelaide health software start-up Lumary.

The funding round, led by venture capital firm OneVentures with a majority investment, will be used to accelerate the company’s overseas expansion, including the launch of Lumary’s platforms into the lucrative US market.

Tech entrepreneurs Joseph Mercorella and Matthew English established Lumary in 2017 after identifying a need for new software to manage the complex relationships between providers, consumers and others participating in the NDIS.

It has since developed a range of Salesforce-backed workflow management and other digital platforms, offering disability and aged care providers an “end-to-end” system for scheduling, resourcing, accounting, document management, communication and reporting.

Mr Mercorella, the company’s chief executive, said the company had processed more than $2.5 billion in NDIS services through its software platform for more than 200,000 users.

“Having the strategic expertise and financial support of OneVentures, Salesforce Ventures, and the South Australian Government through the SAVCF will help us execute our vision even more rapidly – supported by the deep experience, industry knowledge and key relationships of our investors,” he said.

“Lumary is proud to be leading the way for other tech companies in South Australia to build and stay, even when their growth goes global.”

Lumary is the fifth investment by the SAVCF, which has previously injected funds into South Australian start-ups including satellite services company Myriota and cancer diagnostics business Ferronova.

The fund was established in 2017 with $50m of government money to back local South Australian entrepreneurs.

David Rohrsheim took over as portfolio manager last year following the collapse of inaugural manager, Blue Sky Alternative Investments, in May 2019.

“We are delighted to see companies serving customers across the nation, and the world, from headquarters in Adelaide,” Mr Rohrsheim said

“Lumary is creating exciting high tech job opportunities right here in Adelaide, so our best and brightest don’t feel the need to move elsewhere.”

Prior to its latest capital raising, Lumary had raised just $2m from venture capital fund Equity Venture Partners in 2019.

The company employs more than 100 people but will bring on more staff on the back of the additional funding, which far exceeded the $5m the company had been seeking late last year.

Salesforce’s investment arm, Salesforce Ventures, which participated in Lumary’s latest capital raising, has invested in more than 400 tech start-ups since it was launched in 2009.