Osome CEO Victor Lysenko (L) and COO Konstantin Lange
Osome, a Singapore-based startup providing an accounting and corporate compliance app for small and medium enterprises (SMEs), has raised US$3 million in a new funding round from XA Network and European VC firm AltaIR Capital.
As per a press statement, Osome will use the funds for product development and marketing efforts across its Singapore, Hong Kong and UK markets.
This follows an initial US$2 million funding round led by Target Global in 2018.
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.
“We want to make it simple for our clients to go digital and acclimatise themselves to the current economy,” said Victor Lysenko, Founder and CEO of Osome.
The startup claims more than 4,100 companies are using its product daily with an annual growth rate of over 200 per cent.
“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, a member of XA Network.
“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,” said Igor Ryabenkiy, Managing Partner of AltaIR Capital.
Also Read: What any founder needs to know about the art of accounting
The recent economic crisis and global lockdown caused by COVID-19 has pushed SMEs to accelerate the adoption of digital solutions. Osome says it has been at the forefront of this movement and is participating in Singapore’s Start Digital initiative, where grants are distributed to SMEs for the adoption of digital solutions to reduce administrative workload.
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Image Credit: Osome
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