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Accounting Software Provider Osome Raised $16 Million

Accounting Software Provider Osome Raised $16 Million

June 21, 2021 at 02:42AM
by PYMNTS

Osome, a Singapore-based producer of accounting software that describes its business as handling “all the routine tasks” for entrepreneurs, announced it raised $16 million in a Series A funding round.

“The fresh amount of capital enables the 3-year-old super-app that digitizes accounting and compliance services for SMEs to expand globally and fuel its plan for more product integrations,” a post on the company’s in-house blog states.

“Back-office operations are annoying, tedious yet mission-critical for businesses, especially for SMEs,” Victor Lysenko, cofounder and chief executive of Osome, said in a prepared statement. “Remarkably, an average entrepreneur spends 68 percent of their time dealing with routine tasks vs 32 percent strategizing and delivering on their long-term goals. Osome combines artificial intelligence software with operational excellence to (allow) strategizing and delivering on their long-term goals.”

The company states that it helps automate administrative, accounting, payroll and tax-related work.

Osome states in marketing materials that it has more than 6,000 customers in Singapore, Hong Kong and the United Kingdom, and the company’s rate of growth has increased due to COVID-19.

Osome stated that it also offers “corporate secretary services” that including “(helping) with business set-up and provid(ing) corporate secretary services.” Osome stated it “checks compliance, tracks deadlines, files documents, and answers questions in a chat at any time of the day or week.”

According to the fundraise announcement, investors included: Target Global, AltaIR Capital, Phystech Ventures, S16VC, Ace & Company and new-to-Osome angel investor Peng T. Ong.

Mike Lobanov, general partner and chief operating officer of Target Global, said in a prepared statement: “We have supported Osome since the early days and are excited to continue our partnership in the latest round. We are especially happy about the strong growth Osome has shown in the expanding eCommerce segment. Online sellers require unique tools and custom approaches to be serviced effectively, and Osome’s mix of technology and human expertise is the perfect solution.”