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At a Glance
In a Series A fundraising round, Osome, a digital business assistant, raised $16 million. Osome’s primary service is online accounting for small businesses. The software categorizes, organizes, and preserves records, automates several procedures. According to the company, it is presently used by 6,000 organizations in Singapore, the United Kingdom, and Hong Kong.
Osome, a digital business assistant, has raised $16 million in a Series A funding round. Target Global, AltaIR Capital, and Phystech Ventures were among the returning investors; new investors include S16VC and venture capitalist Peng T. Ong, who joined as an angel investor.
Its Series A will be utilized to expand internationally and integrate products. Osome, which employs 200 people, has experienced rapid uptake by e-commerce enterprises and expects to expand its product and app offerings in the industry over the next 18 months.
[the company started] looking at the e-commerce segment some time ago, but wanted to be confident that our product can handle the increased complexity and transaction volume of e-commerce businesses before launching marketing. The pandemic has caused the e-commerce industry to grow significantly faster, and that was also a factor for us.Victor Lysenko, co-founder and CEO of Osome
Online accounting services for SMEs are Osome’s flagship offering, which connects businesses with chartered accountants. Corporate secretary services, such as business registration, compliance, and taxation, are also available. Many processes are automated, categorizing, organizing, and archives documents, generating management reports and tax returns and submitting paperwork on time.
“I’ve done business with small and medium e-commerce in 10 countries and see the same inefficiencies in manual accounting across all of them. It is a real problem that will be solved, and Osome is technologically, and tractions wise among the few companies in the world is getting there.”Aleks Shamis, the co-founder of S16VC
The startup’s last fundraising round, reported in November, was $3 million. Osome has raised $24.5 million in total investment since its founding in 2017. It currently claims to be utilized by 6,000 businesses in Singapore, the United Kingdom, and Hong Kong, generating $9.5 million in yearly recurring income and a year-over-year revenue increase of 100%.