SINGAPORE, June 18, 2021 /PRNewswire/ -- Osome, a super-app that digitizes accounting and compliance services for SMEs, has raised $16M in a Series A funding from a group of investors including Target Global, AltaIR Capital, Phystech Ventures, S16VC, and Peng T. Ong, an angel investor. The capital enables Osome to expand its footprint internationally, as well as to fuel product integrations.
"Back-office operations are annoying, tedious yet mission critical for businesses, especially for SMEs. Remarkably, an average entrepreneur spends 68% of their time to deal with routine tasks vs 32% to strategize and deliver on their long term goals. Osome combines artificial intelligence software with operational excellence to automate administrative, accounting, payroll and tax-related work and help entrepreneurs focus on what they can do the best - growing their business", Victor Lysenko, co-founder and CEO of Osome, says. "We strive to build a future where small business owners can fully rely on the technology in their administrative routine".
The demand for Osome services has accelerated with COVID-19 as clients recognized the importance of automation. This has led to more than 100% YoY revenue growth and $9.5M ARR with over 6,000 happy customers in the UK, Hong Kong, and Singapore. Additionally, the company has identified a product / market fit in the fast-growing e-commerce segment and will double down on it in the next 18 months.
Osome's core offering is online accounting services for SMEs, especially those involved in e-commerce - ?ccountants take over the documents and convert them into actionable numbers, tax filings and reports, making accounting and bookkeeping service for online sellers as simple as ever. Osome checks compliance, tracks deadlines, files documents, and answers questions in a chat at any time of the day or week. The platform categorises and stores any documents you send, so nothing is lost, and then creates and files reports on time.
"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 e-commerce 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", says Mike Lobanov, GP & COO of Target Global.
