Singapore accounting software startup Osome raises $16m Series A

Osome’s founding team: Anton Roslov, Victor Lysenko and Konstantin Lange.

Osome, a Singapore-based startup that helps in digitalising accounting and compliance services for SMEs, has raised $16 million in a Series A funding round to fuel its international expansion.

Investors who joined the funding round include European investment manager Target Global, Tel Aviv-based AltaIR Capital, US-based Phystech Ventures, US- and Europe-focused early-stage fund S16VC, and Peng T. Ong, co-founder and managing partner of Monk’s Hill Ventures, as an angel investor.

AltaIR Capital and the early-staged focused XA Network were backers in Osome’s $3 million financing round in November last year. Its Series A brings Osome’s total funding since it was founded in 2017 to $24.5 million.

Founded in 2017 by Victor Lysenko and Konstantin Lange, Osome leverages artificial intelligence software to automate administrative, accounting, payroll, and tax-related work for businesses.

Currently, the startup has five offices including in Singapore, the UK, Hong Kong, and other countries with over 200 employees.

“Back-office operations are annoying and tedious yet mission-critical for businesses, especially for SMEs. An average entrepreneur spends 68% of his time dealing with routine tasks versus 32% to strategise and deliver on long-term goals,” said Lysenko, co-founder and CEO of Osome.

Osome said the COVID-19 pandemic has accelerated demand for business automation, resulting in more than 100% year-on-year revenue growth and a $9.5 million annual recurring revenue with over 6,000 customers in Singapore, Hong Kong, and the UK for the company.

It added that it has identified a product-market fit in the e-commerce segment and will double down on it in the next 18 months.

“I’ve done business with small and medium e-commerce in 10 countries and see the same inefficiencies in manual accounting across all of them. It is a real problem that will definitely be solved,” said Aleks Shamis, co-founder of S16VC.

In addition to Osome’s core offering of online accounting services for SMEs, the company also provides business set-up support and corporate secretary services.

“Our expectations are that within the next five years, digitalisation accelerated by COVID-19 will transform accounting from a standalone product into a full SaaS offering integrated with banks, e-commerce platforms and payment processing systems”, commented Olga Maslikhova, partner at Phystech Ventures.

Osome competes with Singapore-based startups such Sleek, Lanturn and BlueMeg that focus on reducing the burden of administrative work for SMEs.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.