Osome raises $17m series B extension months after mass layoffs

Osome’s founding team (from left): Anton Roslov, Victor Lysenko, and Konstantin Lange /Photo credit: Osome

Osome, a Singapore-based an AI-powered startup that aims to digitalize corporate management, has booked US$17 million in a new series B funding round. The fundraise is a mix of equity and debt from new and old investors, which the company did not identify.

The round is an extension of a US$25 million series B funding first raised in December 2022, bringing the total to US$42 million.

The announcement comes months after multiple customer complaints rattled the firm amid mass layoffs. By the end of 2023, the company had let go of 70 employees in an attempt to break even.

Osome co-founder and COO Konstantin Lange admitted the past year was “challenging” but sees the new funding as key to meet the firm’s goal to turn profitable. Without sharing specifics, the company said it grew revenues in 2023 while decreasing burn rate.

“All things considered, we’re pleased to have emerged from the year bigger, stronger, and better, with a renewed push towards profitability and sustainability,” Lange said.

The company said the new funding will help it develop its automation capabilities, as well as invest in customer service and marketing needs. Osome also announced that change and growth expert Joerg Ruetschi has joined the company as president and chief transformation officer “to lead the company to profitability.”

Founded in 2017, Osome employs over 400 people in Singapore, Hong Kong, Malaysia, the UK, the Netherlands, and the Philippines.

Prior to the new series B round, the company had raised US$49 million in disclosed funding, according to Tech in Asia‘s database.

See also: Osome faces heat from customers following staff exits, layoffs