osome, a startup that combines multiple corporate services into one “super app” for SMEs, has raised a $16 million Series A. The round included returning investors Target Global, Altair Capital and FizTech Ventures, and new backers S16VC and venture capitalist Peng T. Ong was involved. , who joined as an angel investor.
The Singapore-based startup’s final funding round of $3 million was announced in November. Its Series A raises bring Ossome’s total funding to $24.5 million since its inception in 2017. It now claims to be used by 6,000 companies in Singapore, the United Kingdom and Hong Kong, giving it $9.5 million in annual recurring revenue and 100% year-over-year revenue growth.
Its Series A will be used for international expansion and product integration. Ossome, which employs a total of 200 people, has seen rapid adoption especially by e-commerce companies, and plans to launch more products and apps for the sector over the next 18 months.
Co-founder and CEO Viktor Lysenko told Nerdshala that the company “started looking at the e-commerce segment a while back, but wanted to be confident that our product would have grown to a growing number of e-commerce businesses before it was launched.” Can handle complexity and transaction volume. Marketing. The pandemic has caused the e-commerce industry to grow very rapidly and that was also a factor for us.”
He added that Ossome will add integrations with multiple e-commerce platforms and administrative services, with the goal of cutting the time e-commerce company owners spend on accounting each week.
Osom’s flagship product is Online Accounting Services for SMEs, which connect companies with Chartered Accountants. It also provides corporate secretary services including business registration, compliance and taxation. The platform uses machine learning technology to automate many tasks – for example, it categorizes, tags and stores documents, creates management reports and tax returns, and handles paperwork in a timely manner.
Lysenko said entrepreneurs, on average, spend 68% of their time in back-office tasks rather than strategizing their company’s goals. Ossome is meant to ease the burden of administrative tasks on small businesses and demand for its services grew during the pandemic as companies moved more of their operations online.
Singapore makes it relatively easy to incorporate businesses online, so many other startups in the same place are based there. These include Sleek, Lantern, and Blumeg, all focused on automating accounting and other time-consuming tasks for SMEs.
In a statement about the funding, Alex Shamis, co-founder of S16VC, said, “I have done business with small and medium e-commerce in 10 countries and see similar inefficiencies in manual accounting in all of them. This is a real problem. which will certainly be resolved, and osmotically among the few companies in the world, technical and traction-wise.”