Osome, a Singapore-based platform for small and medium-sized business financial administration for entrepreneurs, has raised $17 million from both new and existing investors in its Series B extension round. The funding is a combination of debt and equity.
Two years ago, the company raised $25 million in a Series B investment led by Illuminate Financial, AFG Partners, and Winter Capital. This development occurs after that moment.
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With this, the business has raised a total of $40+ million in its Series B round.
Osome plans to allocate the recent profits into expanding its product offerings, with a particular focus on automating and integrating artificial intelligence (AI) components to enhance customer service. Additionally, it will expedite its go-to-market initiatives and deploy funds for marketing and customer support.
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More than 13,000 small and medium-sized business clients are allegedly served by the company. In Singapore, Hong Kong, the UK, the Netherlands, the Philippines, and Malaysia, it employs more than 400 people.
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.
Osome was established in 2017 and provides accounting, compliance, and incorporation services to small and medium-sized enterprises (SMBs). 2020 saw the company raise $3 million from early-stage oriented XA Network and European venture capital firm AltaIR Capital.
About Osome
Osome is an online bookkeeping and accounting company that handles all the tedious administrative work for your company so you can concentrate on expanding: We specialise in e-commerce business and cover all industries.
