Osome Raises US$3m in Funding from XA Network and AltaIR Capital

November 06, 2020 - 07:27
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 its engineering, product development, and marketing


HONGKONG SAR - Media OutReach - 6November 2020 - Osome,a growing super app in the accounting and corporate compliance space, has raised US$3million in funding by XA Network and AltaIR Capital.

Small to medium sizedbusinesses spend on average 120 days per year on administrative tasks,making it one of the most time-consuming business activities. Osome uses AI andML techniques combined with the experience of human experts to solve thisproblem, disrupting the fragmented accounting and corporate services industry.

With Osome, entrepreneurs canforget about administrative routine and focus on the thing that really matters -- on theirbusiness. The company provides online accountingservices for SMEs especially those involved with E-commerce. There is also acomprehensive range of services like incorporation, payroll and corporatesecretarial work. These are tedious but unavoidable tasks which entrepreneursusually outsource. 

More than 4100 companiesacross the UK, Singapore and Hong Kong already use Osome on a daily basis andthis number is growing by 2.5 times per year. Aspiring founders can open acompany fully online while existing business owners can get their routineaccounting and admin work done on the platform. Client issues are solved issueson the go, without having to call or visit the office -- all users need to do to requesthelp with certain tasks is to send a text message in the chat. Osome willcircle back with the answer at any time of the day or week.

AltaIR Capital is a EuropeanVC firm boasting over $300M across its three funds that has previously investedin Miro and PandaDoc. XA Network is an investment network comprising senior executivesfrom leading technology companies investing across Southeast Asia. Amongprevious investors in the company is Target Global, an investor in Rapyd andDelivery Hero. The company will use this funding to further invest inengineering, product development, and marketing across the markets that it ispresent in -- Singapore,Hong Kong, and the United Kingdom.

"We decided to invest inOsome as we have trust in the business model and see the team's ability toscale it. The service is vital for many new enterprises and has huge growthpotential," said Igor Ryabenkiy, Managing Partner of AltaIR Capital.

"Osome taps into a large and fragmented market opportunity and plays in anindustry which is ripe for disruption. The company's business model drives astep-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 that our investorsbelieve in the future that we are creating for business owners to remove theheadache of paperwork by texting it all away. We want to make it simple for ourclients to go digital and acclimatise themselves to the current economy," saidVictor Lysenko, founder and CEO of Osome.

The recent economic crisisand global lockdown caused by COVID-19 has pushed SMEs to accelerate theadoption of digital solutions. Osome has been at the forefront of this movementand is participating in Singapore's Start Digital initiative alongside OCBCBank - which is the second largest financial services group in Southeast Asiaby assets. Start Digital under the SMEs Go Digital programme by the Singaporegovernment provides grants to SMEs that take up approved solutions meant toreduce administrative workload. Osome is also enrolled under the SG:D Sparkprogramme by the Infocomm Media Development Authority of Singapore.

"We are pleased thatOsome has closed this new round of funding; this injection of funding will lendimpetus to the company's growth. This will increasingly help Osome to continueto innovate the automation process for corporate services, thus increasing theefficiency of how SMEs operate in today's post-Covid norms", said Mr EdwinLow, Director of Innovation & Tech Ecosystem, Infocomm Media DevelopmentAuthority of Singapore.

About Osome

Osome, headquartered inSingapore, was launched in January 2018 to facilitate business management forsmall and medium-sized enterprises (SMEs). Its suite of services includesonline accounting, business registration, corporate secretary services, andpayroll management. Its platform uses automation tools and AI (artificialintelligence) to increase response time and accuracy, and to lower cost. It hasmarket presence in Singapore, United Kingdom, Hong Kong. In 2018, it raisedUS$2 million in funding led by Target Global, including Phystech Ventures,AdFirst funds, and several angel investors
Find out more about Osome at https://osome.com.

About XA Network

The XA Network (formerlyknown as Xoogler Angels) was founded in 2018 as an investment networkcomprising senior executives from leading global and regional technologycompanies. Our mission is to provide smart capital to early-stage companiesacross Southeast Asia.

XA focuses on early-stageinvestments. Founders value our members' distinguished backgrounds asentrepreneurs and senior business builders. Furthermore, our portfoliocompanies are able to tap into the collective power of deep-rooted networks andexpertise across business strategy, product development, and fundraising. XAhas invested in a wide variety of sectors and over 20 companies since 2018,including Tigerhall, Neuron, Pencil, and Infradigital. XA Network is also an LPin Vertex Southeast Asia and India latest fund. For more information pleasevisit www.xanetwork.co

About AltaIR Capital

AltaIR Capital (www.altair.vc) is a venture management companyinvesting in early-stage and growth projects with a primary focus on FinTechand SAAS Productivity Tools. Among the best fintech investments of AltaIR areMiro, Albert, Deel, Lili, Guide Financial, Socure, SplitIt, EquityBee.