Osome, a Singapore-headquartered business assistant app that digitizes accounting and compliance tasks, has raised $3 million. An extension of Osome’s seed round, the new funding was led by XA Network and AltaIR Capital.
The startup currently has about 4,500 SME clients across Singapore, Hong Kong and the United Kingdom, founder and chief executive officer Victor Lysenko told TechCrunch. The new funding brings Osome’s total raised to $8 million from investors including Target Global. “We are in a good place in terms of cash reserves and operational performance so we used this opportunity to raise funding before a much larger Series A planned for 2021,” Lysenko said.
When the startup launched in 2018, he said it reached $1 million in annual recurring revenue (ARR) by the end of the year, then increased that amount to $4 million in December 2019. Osome expects to hit $8 million ARR by the end of this year.
Osome’s platform uses machine learning-based tech to automate administrative, accounting, payroll and tax-related work. Depending on subscription tier, it also gives businesses access to chartered accountant services.