Australian software platform Lumary has raised $2 million from venture capital fund Equity Venture Partners (EVP), per an announcement.
The corpus raised will help the startup accelerate the growth of its workflow management platform for disability and aged care providers.
Founded by tech entrepreneurs Joseph Mercorella and Matthew English, Lumary provides software management solutions for the National Disability Insurance Scheme (NDIS).
The firm, which managed about $750 million in government’s NDIS funds as of FY2019, has established an industry-specific solution comprising applications in an integrated end-to-end offering.
“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,” said Lumary CEO Joseph Mercorella.
With the investment, Daniel Szekely, director at EVP, will join the Lumary board. “With the rising tide of the Government’s $43 billion 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,” he said.
EVP, an early-stage venture firm, has about $60 million under management across 2 funds. The fund typically partners with budding entrepreneurs through investments between $500,000 and $5 million.