Osome Raises US$3m in Funding from XA Network and AltaIR Capital
The accounting and corporate compliance super app will use funds to further develop
engineering, product development, and marketing
SINGAPORE, Nov. 6, 2020 /PRNewswire/ -- Osome, a growing super app for accounting and corporate compliance, raises US$3 million in funding by XA Network and AltaIR Capital.
Small businesses spend on average 120 days per year on admin, making it one of the most time-consuming tasks. Osome combines AI and ML with the human experts' experience, disrupting the fragmented industry.
With Osome, entrepreneurs can forget about administrative routine and focus on what really matters - their business. The company provides online accounting services for SMEs, especially E-commerce companies. Other services include incorporation, payroll and corporate secretarial work.
Over 4100 companies across the UK, Singapore and Hong Kong use Osome daily, their number growing 2.5 times per year. Client issues are solved on the go, without having to call or visit the office - users simply send a message in the chat and Osome responds at any time of the day or week.
AltaIR Capital is a European VC boasting over $300M funds that has previously invested in Miro and PandaDoc. XA Network is an investment network comprising senior executives from leading technology companies. Previous investors include Target Global, an investor in Rapyd and Delivery Hero. The company will use funding to further enhance engineering, product development, and marketing.
"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 new enterprises and has huge growth potential," said Igor Ryabenkiy, Managing Partner of AltaIR Capital.
"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 our investors believe in the future that we are creating for entrepreneurs 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 to the current economy," said Victor Lysenko, founder and CEO of Osome.
Find out more about Osome at https://osome.com.
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