29 March 2021
Adelaide, Australia — Lumary, one of the leading healthcare management platforms for the disability and aged care industry in Australia, today announces an investment of $17 million. The latest funding round was led by OneVentures with a majority investment, with participation from Salesforce Ventures and the South Australian Venture Capital Fund (SAVCF).
The funding will consolidate Lumary’s market-leading position in Australia and expedite overseas expansion, enabling the company to launch its digital solutions and services into global markets, starting with the USA.
Lumary’s best-in-class platform provides both enterprise and smaller healthcare providers with integrated digital solutions to manage business operations and maintain compliance with funding bodies such as the National Disability Insurance Scheme (NDIS) and Home Care Package (HCP) in Australia.
Lumary was founded by Joseph Mercorella and Matthew English with a mission to empower care providers to deliver better health outcomes. Helping digitally transform these businesses and enabling them to navigate the complex environment of the NDIS and HCP, underpins this vision and improves the deliverability of funding schemes. Now, with value-based care as a directive from governments all over the world, that vision presents both a compelling business opportunity and greater scope for delivering benefits to a global community. To date, Lumary has processed more than $2.5 billion in NDIS services through its software platform for over 200,000 Lumary 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,” said Lumary’s co-founder and CEO, Joseph Mercorella.
Spearheading the funding with a majority contribution is Australian venture capital firm, OneVentures. As the only Australian venture capital investor with dedicated healthcare and technology funds, OneVentures has extensive experience in B2B SaaS, clinical and digital healthcare.
“We are excited that Lumary will be the first investment in our new Growth Fund,” said OneVentures Partner Grant Chamberlain. “Lumary is in a unique position to become the global leader in facilitating value-based care”.
“We have a deep bench of world-renowned healthcare venture partners in the USA, and we’ll look at leveraging those networks as Lumary expands internationally,” said Chamberlain.
Salesforce Ventures also participated in the round. “We were initially attracted by the vision and capability of Lumary’s founders, Joseph Mercorella and Matthew English”, said Head of Salesforce Ventures in Australia, Rob Keith. “Lumary has a deep understanding of the challenges faced by the healthcare industry and can support care providers to deliver personalised, streamlined and value-based services”.
“Lumary is an important partner for our industries team and its core product, Lumary CM, is natively built on the Salesforce platform. We look forward to working together to deliver greater value to customers on a global scale and develop new ways to support the healthcare industry,” said Keith.
Concluding Lumary’s capital raise is an investment from the South Australian Venture Capital Fund. The SAVCF exists to support South Australian enterprises that have the potential to be high-growth, export companies. While Lumary has plans in place to expand globally, the digital health company was founded in Adelaide where it is still headquartered today.
“We are delighted to see companies serving customers across the nation, and the world, from headquarters in Adelaide,” said Portfolio Manager in charge of the SAVCF, David Rohrsheim. “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 this investment, Lumary had raised only $2m from venture capital fund Equity Venture Partners (EVP). Paired with a small amount of angel funding, this was enough to support the software company to get beyond the coveted $10M ARR mark.
“Lumary represents exactly what you look for as an investor—a business, solving an all but impossible global issue led by two founders driven by their passion to build a legacy, help the community and solve problems”, said Daniel Szekely, investment director at EVP.
“Lumary is a top-performing company within the EVP portfolio, sitting at the precipice of a significant global opportunity. With additional funding, Lumary will be empowered to bring its solution to both new health verticals, as well as global markets”.
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