Osome CEO Victor Lysenko
Osome, a Singapore-based startup that has developed an accounting and corporate compliance app for small and medium enterprises (SMEs), has secured US$16 million in a Series A funding.
Investors are Target Global (Berlin), AltaIR Capital, Phystech Ventures, and S16VC, besides Peng T. Ong, Managing Partner of Monk’s Hill Ventures.
The fresh capital will be used for international expansion and to fuel product integrations.
Also Read: What any founder needs to know about the art of accounting
This round comes about eight months after the startup received US$3 million from XA Network and AltaIR Capital.
Osome leverages Artificial Intelligence and Machine Learning techniques, combined with the experience of human experts, to solve the problem of time-consuming administrative tasks, such as payroll and secretarial work. This way, it aims to disrupt the fragmented accounting and corporate services industry.
Osome’s core offering is online accounting services for SMEs, especially those involved in e-commerce. The team plans to dive deeper in the e-commerce industry, launching more specific products and apps in the near future.
The company also helps with business set up and provides corporate secretary services. It checks compliance, tracks deadlines, files documents, and answers questions in a chat at any time of the day or week.
The platform categorises, tags, and stores any documents you send to them, and then creates management reports, tax returns and does all necessary filing on time.
The firm claims it saw more than 100 per cent YoY revenue growth and US$9.5 million ARR with over 6,000 happy customers in Singapore, Hong Kong and the UK.
Currently Osome has five offices in Singapore, the UK, Hong Kong and other countries with over 200 employees.
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Image Credit: Osome
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