Osome raises US$3m in funding from XA Network and AltaIR Capital

By Edil Corneille

Osome, a super app in the accounting and corporate compliance space, has raised US$3 million in funding by XA Network and AltaIR Capital. Osome uses AI and ML techniques combined with the experience of human experts and is disrupting the fragmented accounting and corporate services industry.

The company provides online accounting services for SMEs especially those involved with E-commerce. There is a comprehensive range of services such as incorporation, payroll and corporate secretarial work.

“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.

More than 4,100 companies across the UK, Singapore and Hong Kong use Osome on a daily basis and this number is growing by 2.5 times per year, as reported by the company. Aspiring founders can start a company completely online while existing business owners can get their routine accounting and admin work done on the platform.

AltaIR Capital is a European VC firm boasting over $300 million across its three funds that have previously invested in Miro and PandaDoc. XA Network is an investment network comprising senior executives from technology companies investing across Southeast Asia. Among previous investors in the company is Target Global, an investor in Rapyd and Delivery Hero.

“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.

Osome will use the funding to further invest in engineering, product development, and marketing across the markets that it is present in.

“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.

Osome is participating in Singapore’s Start Digital initiative alongside OCBC Bank. 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.

“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 Edwin Low, Director of Innovation & Tech Ecosystem, Infocomm Media Development Authority of Singapore.