Singapore's finance admin startup Osome raises $17m in Series B+ round

Singapore's finance admin startup Osome raises $17m in Series B+ round

Osome, a Singapore-based finance admin platform for founders and small and medium businesses, has raised $17 million in its Series B extension round, which is a mix of equity and debt, from new and existing investors, according to an announcement.

This development comes two years after the company raised $25 million in a Series B round participated by Illuminate Financial, AFG Partners, and Winter Capital.

With this, the company has completed its Series B round at $40+ million in total.

Osome will use the latest proceeds on its product offerings, further emphasising the acceleration of automation and artificial intelligence (AI) components to serve its customer base more efficiently. It will also use capital for marketing and customer services and accelerate its go-to-market efforts.

The company claims to serve over 13,000 small and medium-sized business customers. It has over 400 staff across Singapore, Hong Kong, the UK, the Netherlands, the Philippines, and Malaysia.

The company said that it has a clearer path to sustainable growth and profitability this year.

“2023 has been a challenging year; it was not without its growth pains. We saw a period where customer revenue was growing faster and faster, which forced us to realign ourselves as an organisation to deliver positive experiences to our client partners. All things considered, we’re pleased to have emerged from the year bigger, stronger, and better, with a renewed push towards profitability and sustainability,” said Osome COO and co-founder Konstantin Lange.

Founded in 2017, Osome offers small and medium-sized businesses (SMBs) incorporation, accounting, and compliance services.

In 2020, the company raised $3 million from European VC firm AltaIR Capital and early-staged focused XA Network.

Other startups in Singapore that focus on reducing the administrative workload for SMEs include Sleek, Lanturn, and BlueMeg.

In 2021, Sleek extended its Series A round to $25 million after bagging additional equity and debt financing while online corporate services firm Lanturn raised $3 million in seed funding in 2020.

Edited by: Padma Priya

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