Singapore-based business services startup, Osome has bagged US$ 3M in a funding round that is reported to be an extension of its seed round in November 2020. The round was led by XA Network and AltaIR Capital.
The latest round brings the total funding raised by the startup to date to US$ 8M.
Capital raised will be used by the startup to develop its engineering, product development, and augment marketing efforts across its multiple markets.
Founded in 2018 by Victor Lysenko, Osome provides companies with business management services such as accounting, taxation, reporting, and incorporation. Its AI and ML-based platform also helps small and medium enterprises (SMEs) with record-management and corporate secretary services, as well as remuneration management. Based on the type of subscription chosen by an enterprise, it also provides chartered accountancy services.
After launching in 2018, Osome reached US$ 1M in ARR (annual recurring revenue) by the end of the year. The startup then amplified that amount to US$ 4M in December 2019 and expects to reach US$ 8M in ARR by December 2020.
The startup presently caters to over 4,100 companies across the UK, Singapore, and Hong Kong with its number of customers growing at a rate of 2.5x per year. It has also been working with OCBC Bank for Singapore’s Start Digital initiative, which intends to provide endowments to SMBs that take up solutions meant to reduce managerial workload. The startup is also a part of the Infocomm Media Development Authority’s (IMDA) SG:D Spark program, giving it easy access to various grants.
CEO Victor Lysenko cited that the reason for selecting Singapore as the launchpad for Osome was the country’s simple set of business rules and tax system. He also said that the small size of the cities made it easier for them to get immediate client reviews and opinions and form partnerships. Osome is now seeking to expand to Australia as a potential new market, because of its proximity to its Singapore headquarters and its similar accounting and corporate service rules.
About XA Network
XA Network is a group of angel investors who back innovative startups in Southeast Asia. The network is run by ex-Google employees who believe that Southeast Asian startups deserve a better variety of investors, who genuinely want them to develop and grow in the market. They like to work closely with gifted founders, bringing their own experiences in building and scaling technology companies and products in Southeast Asia.
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