Singapore-headquartered Osome Raises $3 Mn From XA Network and AltalR Capital The company will utilize the fresh funding to further invest in engineering, product development, and marketing across the markets that it is present in
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Singapore-headquartered Osome, a growing super app in accounting and corporate compliance space, on Thursday announced that it has raised $3 million funding from XA Network and AltalR Capital.
The company will utilize the fresh funding to further invest in engineering, product development, and marketing across the markets that it is present in — Singapore, Hong Kong, and the UK.
Osome was launched in 2018 to facilitate business management for small and medium-sized enterprises (SMEs). The startup uses artificial learning (AL) and machine learning (ML) techniques combined with the experience of human experts to solve administrative tasks thus disrupting the fragmented accounting and corporate services industry. Its suite of services includes online accounting, business registration, corporate secretary services, and payroll management. The startup with its platform claims to increase response time and accuracy, and lowers cost.
Commenting on the investment, Igor Ryabenkiy, managing partner of AltaIR Capital, said, "We decided to invest in Osome as we have trust in the business model and see the team's ability to scale it. The service is vital for many new enterprises and has huge growth potential."
"Osome taps into a large and fragmented market opportunity and plays in an industry which is ripe for disruption. The company's business model drives a step-change in both efficiency and customer satisfaction through automation, leading to a high potential for growth and profitability," said Gilberto Gaeta, XA Network's member and director, Southeast Asia, Google Customer Solutions.
The startup in 2018 had raised $2 million in funding led by Target Global, including Phystech Ventures, AdFirst funds, and several angel investors.
"We're glad that our investors believe in the future that we are creating for business owners to remove the headache of paperwork by texting it all away. We want to make it simple for our clients to go digital and acclimatise themselves to the current economy," said Victor Lysenko, founder and chief executive officer of Osome.
Currently, more than 4100 companies across the UK, Singapore and Hong Kong already use Osome on a daily basis and this number is growing by 2.5 times per year as per the company's statement.
