Osome, a growing app-bsaed firm in the accounting and corporate compliance space, has raised £2.2m in funding by XA Network and AltaIR Capital.
Small to medium sized businesses spend on average 120 days per year on administrative tasks, making it one of the most time-consuming business activities. Osome uses AI and ML techniques combined with the experience of human experts to solve this problem, disrupting the fragmented accounting and corporate services industry.
With Osome, entrepreneurs can forget about administrative routine and focus on the thing that really matters — on their business. The company provides online accounting services for SMEs especially those involved with E-commerce.There is also a comprehensive range of services like incorporation, payroll and corporate secretarial work. These are tedious but unavoidable tasks which entrepreneurs usually outsource.
More than 4100 companies across the UK, Singapore and Hong Kong already use Osome on a daily basis and this number is growing by 2.5 times per year. Aspiring founders can open a company fully online while existing business owners can get their routine accounting and admin work done on the platform. Client issues are solved issues on the go, without having to call or visit the office — all users need to do to request help with certain tasks is to send a text message in the chat. Osome will circle back with the answer at any time of the day or week.
AltaIR Capital is a European VC firm boasting over £200m across its three funds that has previously invested in Miro and PandaDoc. XA Network is an investment network comprising senior executives from leading technology companies investing across Southeast Asia. Among previous investors in the company is Target Global, an investor in Rapyd and Delivery Hero. The company will use this funding to further invest in engineering, product development, and marketing across the markets that it is present in — Singapore, Hong Kong, and the United Kingdom.
“We decided to invest in Osome as we have trust in the business model and see the team’s ability to scale it. The service is vital for many new enterprises and has huge growth potential,” said Igor Ryabenkiy, Managing Partner of AltaIR Capital.
“Osome taps into a large and fragmented market opportunity and plays in an industry which is ripe for disruption. The company’s business model drives a step-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 investors believe in the future that we are creating for business owners to remove the headache of paperwork by texting it all away. We want to make it simple for our clients to go digital and acclimatise themselves to the current economy,” said Victor Lysenko, founder and CEO of Osome.