Osome, a Singapore-based service for entrepreneurs, has raised $3 million in funding led by Target Global, with participation from Phystech Venture and AdFirst, according to a company release. Last year, Osomo raised a $2 million – once again led by Target Global.
Osome claims to be a leader in “digitizing the traditional corporate management industry.” Osome is a cloud-based service that helps entrepreneurs to manage their corporate paperwork and reporting. The AI-powered tech, augmented with human assistance, is said to be capable of answering the clients’ requests around the clock and within 15 minutes, even late at night and on the weekends.
According to the company’s website, Osomo uses bots to automate work, so tasks are done faster, and you save money on human labor.
The company was founded by CEO Victor Lysenko, who previously co-founded Rocketbank and Darberry (now Groupon). Lysenko said that with the support of “thousands of enthusiastic SME clients in Singapore,” they have decided to launch in Hong Kong and the UK.
“Now we know that we are solving a real problem for the customers, wherever they are located. We are also very grateful that our investors and partners recognize Osome’s potential and support our growth,” said Lysenko.
Osome services include accounting, taxation, company formation and filing reports via an online platform. The proactive service reminds the clients when reports are due or if something is missing.
Olga Shikhantsova, Associate at Target Global, who is focused on the firm’s Fintech investments, commented on Osomo:
“Osome deals with the biggest pain of entrepreneurs and business owners such as paperwork, bookkeeping and tax issues that can now be transferred to the company’s virtual assistant. We’ve been investors since pre-seed stage and have witnessed outstanding growth in Singapore. As the problem is significant and truly international, we expect the new markets to bring additional growth.”
Thomas Jeng, Director of Innovation and Partnerships of 500 Startups, explained that Osomo is a network partnering and they use the service to help streamline administrative processes for young firms.