A $2M Indonesian accounting startup needed to change how an entire country did their books. Kaliber built the full-funnel engine that 10x'd their user base and attracted a $100M Series C.
Indonesian SMEs were still doing their books on spreadsheets. The search volume for cloud accounting barely existed. Overseas competitors with deeper pockets were entering the market. Jurnal couldn't just capture demand — they had to create it. And they needed to do it before better-funded competitors locked down the category.
Indonesian SMEs weren't searching for accounting software. The category barely existed in search. You can't capture demand that doesn't exist — you have to create it.
Last-click attribution was hiding what actually drove conversions. YouTube and Display looked like wasted spend. The real conversion drivers were invisible.
Global players like Xero and QuickBooks were entering Indonesia with established products and bigger budgets. Jurnal needed to move faster and smarter to own the local market.
Position-based attribution to find real conversion drivers. Single Purpose Campaigns for granular control. Display and YouTube not to capture demand — but to create the search demand that didn't exist yet.
Jurnal's integrated accounting ecosystem — connecting invoicing, POS, inventory, and e-commerce.
Switching from last-click to position-based attribution showed that Display and YouTube were initiating 40% of conversions that Search was getting credit for. Budget reallocation drove immediate efficiency gains.
Tease/Amplify/Echo sequencing delivered +115% awareness, +86% ad recall, and +134% purchase intent. Brand searches grew 400% — far exceeding the 200% target.
Display and YouTube didn't just support Search — they created it. Brand search volume that didn't exist before became Jurnal's largest and most efficient acquisition channel.
10x user growth from 8K to 80K directly contributed to a 50x valuation increase. Marketing efficiency improvements meant growth was profitable, not bought.
In markets with limited search volume, the winning strategy isn't optimizing for existing searches — it's creating the searches. YouTube and Display aren't support channels; they're the demand factory.
Switching from last-click to position-based attribution didn't just change the numbers — it changed the entire investment strategy. What you measure determines what you fund.
Single Purpose Campaigns don't just improve efficiency on day one — they compound. Each campaign generates data that makes every other campaign smarter. The system gets better the longer it runs.
A 10x user base increase driven by efficient, measurable marketing directly contributed to a $100M Series C. Performance marketing isn't a cost center — it's a valuation lever.
Standie Nagadi, VP of Marketing · MekariJurnal's growth attracted Mekari (formerly Sleekr), leading to a strategic merger. The combined entity became Indonesia's leading SaaS platform for business operations — with Jurnal's user base as the cornerstone asset.
Kaliber's engagement wasn't limited to Jurnal. After the merger, the team was retained across multiple Mekari subsidiaries — proof that the system, not just the results, earned long-term trust.
The $100M Series C wasn't just about revenue. Investors cited the user base growth and efficient acquisition engine as key valuation drivers. Marketing didn't just support the raise — it justified it.
Jurnal by Mekari was a $2M Indonesian accounting SaaS startup with 8,000 users and a fundamental market problem: Indonesian SMEs weren't searching for cloud accounting software. The category barely existed in search. Overseas competitors like Xero and QuickBooks were entering the market with established products and bigger budgets. Jurnal's existing attribution model (last-click) was hiding the true value of awareness channels, making YouTube and Display look like wasted spend. The challenge wasn't optimizing existing demand — it was creating demand that didn't exist.
Kaliber built a full-funnel demand creation engine anchored on three pillars. First, we replaced last-click with position-based attribution, immediately revealing that Display and YouTube were initiating 40% of conversions that Search was claiming. Second, we deployed YouTube Ad Sequencing using a Tease/Amplify/Echo framework to progressively educate the market and build brand familiarity. Third, we implemented Single Purpose Campaigns across all channels for granular budget control and optimization. The strategy was counterintuitive: invest more in awareness channels to create the search demand that would drive efficient acquisition.
Over 18 months, Jurnal's user base grew 10x from 8,000 to 80,000. Brand searches increased 400%. Marketing efficiency improved 4x. YouTube Ad Sequencing delivered +115% awareness, +86% ad recall, and +134% purchase intent. The full-funnel approach created a self-reinforcing growth loop: Display and YouTube educated the market, brand searches grew, Search captured the intent, and new users fed the product's network effects. The compounding growth directly contributed to a $100M Series C valuation — a 50x increase from the $2M starting point. Kaliber was retained across multiple Mekari subsidiaries after the Jurnal merger, and the demand creation framework became the playbook for the entire group.