Singapore’s Osome banks $25m in series B money

Osome, an AI-powered startup that aims to digitize corporate management, has raised US$25 million in series B financing from investors including Illuminate Financial, AFG Partners, and Winter Capital.

Victor Lysenko, founder and CEO of Osome / Photo credit: Osome

Launched in 2018, Osome was established by founder and CEO Victor Lysenko, who previously co-founded Rocketbank and Darberry (now Groupon).

It provides accounting, reporting, company formation, and other business management services to SMEs through its AI-enabled platform.

The company integrates with ecommerce platforms including Amazon, eBay, Shopify, Lazada, Esty, and Shopee, among others.

Osome said it has seen its revenue double since November 2019, with customer numbers growing 2x since 2021. So far, the company said it has helped open 11,000 businesses.

The Singapore-based firm plans to use the new funds to expand its operations in Asia, namely in the city-state and Hong Kong.

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“Small businesses spend billions of dollars on accounting, but accounting software doesn’t give them what they need – expert advice. Only 2% of this spend is on accounting software – I’m interested in improving the 98% – the most exciting opportunity is on the human side,” said Lysenko.

In November 2019, Osome raised US$3 million in a round led by international VC firm Target Global.