A Singapore-based AI business assistant platform, Osome has raised $25 million in a Series B round of funding making a total raise of $51 million to date since its launch.
Illuminate Financial, AFG Partners, and Winter Capital participated in the Series B funding round.
Osome has seen a 3.5x growth in its customer base and plans to expand its London team in 2023 as the UK looks to side jobs and small businesses to fuel economic expansion.
Since its previous raise, the Asian company’s revenues have also doubled, and it aims to expand its Asian operations to Singapore and Hong Kong.
Small businesses spend billions of dollars on accounting, but accounting software doesn’t provide them with the expert counsel they require, according to creator and CEO Victor Lysenko. The most intriguing opportunity is on the human side; accounting software only accounts for 2% of this expenditure. I’m interested in improving the remaining 98%.
“Our goal is to lead the world as a hybrid accounting service provider. Our accountants are three times more effective because of Osome’s “Accounting Factory” strategy, which makes use of cutting-edge machine learning. We’ll triple that next year,” Lysenko adds.
Victor Lysenko, a serial entrepreneur who founded Osome, assists small firms in setting up using a single straightforward platform, user-friendly software, and a professional accountant to handle financial administration. Osome also automates administrative processes like payroll, taxes, and bookkeeping, allowing business owners to concentrate on what they do best.
To guarantee that the business remains compliant and meets the required dates, the company’s AI and skilled agents take control of the documents and transform them into useful data, tax filings, and reports.
To complement its accountant offering, the company earlier this year introduced a thorough accounting platform.
To clarify, Osome Accounting is an automated accounting software that gives human accountants access to live chat, expense management, tax and financial reporting, and financial information.
“Osome is the preferred platform for businesses at all stages of growth. We are now on track to assist 1 million small businesses in growing, thanks to our Series B raise, says Victor Lysenko.
Osome currently has employees in 11 countries who represent over 40 different nationalities. Victor Lysenko, our founder and CEO, Konstantin Lange, our COO; Sharon Johal, our VP of People & Culture; Dima Bykov, our VP of Product; Helena Flores, our VP of Accounting; Vlad Sharuda, our CMO; Vanessa Braun, our MD in Singapore; Alexey Potemkin, our MD in the UK; Tong Ip, our MD in Hong Kong; Anton Roslov, our CTO; and Wan Rasheedah
“I commit to small businesses: come to Osome instead of your complicated tech stack and accountant. From hassle-free setup through your first tax filing, our powerful platform frees you up to concentrate on expanding your business. The time of Xero is past; stop using sophisticated accounting software, he adds.
“Osome is tackling a core issue in back office administration for entrepreneurs and SMEs globally, and in a short period has positioned itself as a market leader in a field that has enormous development potential,” says Ivan Ong, Principal at Osome investor AFG Partners. We are happy to support Osome’s growth strategy by investing in this round along with other seasoned technology investors.
Illuminate Financial Management’s Luca Zorzino, Investment Direct continues, “We are thrilled to cooperate with Victor and the team at Osome as they expand their European and US footprint. We see a huge opportunity in bringing digitalization to incorporation and accounting services to these new areas as a global investment backed by significant financial institutions. We’re thrilled to support a star-studded group that has previously proven successful in significant APAC areas.
Image Credit: Osome