Singapore-based startup Osome secures $3m round
- Phystech Venture and AdFirst join the round
- Osome becomes a partner of the 500 Startups’ Global Launch
Osome Raises $3m in funding to expand in the UK and Hong Kong
- Singapore-based Fintech-as-a-service for entrepreneurs raises $3 m in funding led by Target Global with participation from Phystech Venture and AdFirst
- Osome scales operations to enter the UK and Hong Kong
- Osome became a partner of the 500 Startups’ Global Launch
London, 3 November, 2019 — Osome, a Singapore-based Fintech-as-a-service for entrepreneurs, has announced a $3 million financing led by Target Global, with participation from Phystech Venture and AdFirst. The new round follows a $2 million investment secured last December.
Osome is a leader in digitizing the traditional corporate management industry. It is a cloud-based paperless service that helps entrepreneurs to manage their corporate paperwork and reporting. The AI-powered technology backed by human experts is capable of answering the clients’ requests around the clock and within 15 minutes, even late at night and on the weekends. The platform is available on desktop or mobile devices, sparing the need to call or visit the office.
“With the support of thousands of enthusiastic SME clients in Singapore, we decided to launch in Hong Kong and the UK. Now we know that we are solving a real problem for the customers, wherever they are located. We are also very grateful that our investors and partners recognize Osome’s potential and support our growth,” says Victor Lysenko, Osome CEO and founder.
Osome assists in accounting, taxation, company formation and filing reports via a unique online platform. The proactive service reminds the clients when reports are due or if something is missing. This approach has helped them attract thousands of clients since they launched in early 2018. With this investment, Osome will expand its technology platform to the UK and Hong Kong and already started testing these new markets.
“Osome deals with the biggest pain of entrepreneurs and business owners such as paperwork, bookkeeping and tax issues that can now be transferred to the company’s virtual assistant. We’ve been investors since pre-seed stage and have witnessed outstanding growth in Singapore. As the problem is significant and truly international, we expect the new markets to bring additional growth”, says Olga Shikhantsova, Associate at Target Global, who is focused on the firm’s FinTech investments.
“The Global Launch Singapore program brings startups from around the world to Singapore, paving the way for them to successfully scale in Southeast Asia through education, immersion, and network. With Osome as our network partner, we hope to make the incorporation and administrative processes efficient and stress-free for the program participants and founders, so that they can focus on business expansion,” says Thomas Jeng, Director of Innovation and Partnerships of 500 Startups.
“Osome directly attacks the major administrative hurdles faced by micro to small to medium-sized enterprises providing fast, efficient and mainly automated service to help South East Asian entrepreneurs focus on what they do best — scaling their businesses and increasing their impact. The company’s exponential growth in Singapore both in terms of revenue and customer base validates the business model and represents a solid ground for further growth both inside and outside of the region”, says Olga Maslikhova, Partner at Phystech Ventures.
Osome provides technology-driven accounting, reporting, and company formation services for thousands of business owners in Singapore, Hong Kong, and the UK. The company was founded in January 2018 by Victor Lysenko who previously co-founded Rocketbank and Darberry (now Groupon).
About Target Global
Target Global is an international investment firm headquartered in Berlin, with €700m in assets under management. With offices in London, Tel Aviv and Barcelona, we connect the key European startup ecosystems and leverage the unique DNA of each of our target geographies, across our global network. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders. Target Global invests across multiple stages, investing in fast-growing tech companies, targeting trillion € markets. Our Partners have been investing for more than 15 years in the digital technology space, backing some of the key European success stories. The Target Global portfolio includes companies such as Auto1, Delivery Hero, Rapyd, Omio (formerly GoEuro), TravelPerk and WeFox.