A startup that takes care of tedious document processing raised $25 million
The firm already services over 11,000 clients in Asia and the UK
Osome, the Singapore-based digital business assistant that offers online accounting services for small and medium businesses, just closed its Series B fundraising round with $25 million. The company’s tool allows to ease the burden of some of the most tedious accounting tasks, such as payrolls and tax reporting.
The fundraising round was led by Illuminate Financial, AFG Partners and Winter Capital and it already seems like a good idea. According to Osome representatives, since July 2021, the company’s last fundraising round, its revenues have doubled, aiming to become cash-flow positive within a year.
At the moment the company services more than 11,000 companies in Singapore, Hong Kong and the United Kingdom. With the service’s expertise in all of the mentioned jurisdictions, it also offers founders assistance in incorporating their businesses in these markets.
The company keeps an eye on the digital realm. This sets it apart from other competitors, because it offers convenient integration with e-commerce platforms like Amazon, eBay, Shopify, Lazada, Etsy and Shopee.
According to company representatives, the funds will be used to expand its operations in Asia by targeting side hustles and micro-entrepreneurs, in addition to its current customer base of SMEs.
Osome hasn’t been resting on its success. It has spent the last year developing its newest products – financial reports, as well as expenses and invoice management.
