Osome Raises US$3m in Funding from XA Network and AltaIR Capital

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The accounting and corporate compliance super app will use funds to further develop its engineering, product development, and marketing

 

HONG
KONG SAR – Media OutReach – 6
November 2020 – Osome,
a growing super app in the accounting and corporate compliance
space, has raised US$3
million in funding by XA Network and AltaIR Capital.

Small to medium sized
businesses spend on average 120 days per year on administrative tasks,
making it one of the most time-consuming business activities. Osome uses AI and
ML techniques combined with the experience of human experts to solve this
problem, disrupting the fragmented accounting and corporate services industry.

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With Osome, entrepreneurs can
forget about administrative routine and focus on the thing that really matters — on their
business. The company provides online accounting
services for SMEs especially those involved with E-commerce
. There is also a
comprehensive range of services like incorporation, payroll and corporate
secretarial work. These are tedious but unavoidable tasks which entrepreneurs
usually outsource. 

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. Aspiring founders can open a
company fully online while existing business owners can get their routine
accounting and admin work done on the platform. Client issues are solved issues
on the go, without having to call or visit the office — all users need to do to request
help with certain tasks is to send a text message in the chat. Osome will
circle back with the answer at any time of the day or week.

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AltaIR Capital is a European
VC firm boasting over $300M across its three funds that has previously invested
in Miro and PandaDoc. XA Network is an investment network comprising senior executives
from leading technology companies investing across Southeast Asia. Among
previous investors in the company is Target Global, an investor in Rapyd and
Delivery Hero. The company will use this funding to further invest in
engineering, product development, and marketing across the markets that it is
present in — Singapore,
Hong Kong, and the United Kingdom.

“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.

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“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.

“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 CEO of Osome.

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The recent economic crisis
and global lockdown caused by COVID-19 has pushed SMEs to accelerate the
adoption of digital solutions. Osome has been at the forefront of this movement
and is participating in Singapore’s Start Digital initiative alongside OCBC
Bank – which is the second largest financial services group in Southeast Asia
by assets. Start Digital under the SMEs Go Digital programme by the Singapore
government provides grants to SMEs that take up approved solutions meant to
reduce administrative workload. Osome is also enrolled under the SG:D Spark
programme by the Infocomm Media Development Authority of Singapore.

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“We are pleased that
Osome has closed this new round of funding; this injection of funding will lend
impetus to the company’s growth. This will increasingly help Osome to continue
to innovate the automation process for corporate services, thus increasing the
efficiency of how SMEs operate in today’s post-Covid norms”, said Mr Edwin
Low, Director of Innovation & Tech Ecosystem, Infocomm Media Development
Authority of Singapore.

About Osome

Osome, headquartered in
Singapore, was launched in January 2018 to facilitate business management for
small and medium-sized enterprises (SMEs). Its suite of services includes
online accounting, business registration, corporate secretary services, and
payroll management. Its platform uses automation tools and AI (artificial
intelligence) to increase response time and accuracy, and to lower cost. It has
market presence in Singapore, United Kingdom, Hong Kong. In 2018, it raised
US$2 million in funding led by Target Global, including Phystech Ventures,
AdFirst funds, and several angel investors
Find out more about Osome at https://osome.com.

About XA Network

The XA Network (formerly
known as Xoogler Angels) was founded in 2018 as an investment network
comprising senior executives from leading global and regional technology
companies. Our mission is to provide smart capital to early-stage companies
across Southeast Asia.


XA focuses on early-stage
investments. Founders value our members’ distinguished backgrounds as
entrepreneurs and senior business builders. Furthermore, our portfolio
companies are able to tap into the collective power of deep-rooted networks and
expertise across business strategy, product development, and fundraising. XA
has invested in a wide variety of sectors and over 20 companies since 2018,
including Tigerhall, Neuron, Pencil, and Infradigital. XA Network is also an LP
in Vertex Southeast Asia and India latest fund. For more information please
visit
www.xanetwork.co


About AltaIR Capital

AltaIR Capital (www.altair.vc) is a venture management company
investing in early-stage and growth projects with a primary focus on FinTech
and SAAS Productivity Tools. Among the best fintech investments of AltaIR are
Miro, Albert, Deel, Lili, Guide Financial, Socure, SplitIt, EquityBee.


Osome Raises US$3m in Funding from XA Network and AltaIR Capital

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