Osome secures $3m in a financing round led by Target Global

The funding will be used for further expansion into UK and Hong Kong.

Target Global, an international Venture Capital firm, led the funding round (Series B) of Osome, a Singapore-based digital-admin solution startup. The round also includes funding from existing investors Phystech Ventures and AdFirst.

Founded in 2018, Osome provides an online assistant for small and medium-sized businesses in addressing accounting, incorporation, taxes and administrative tasks.

Osome uses artificial intelligence to efficiently solve routine tasks, giving chartered accountants time to focus on your main issues.

Osome is available on a mobile and desktop application that allows you to have many functions with just a few touches. Osome's team works with the clients through a special secure chat, optimised for convenient documents sending and their structured storage, as well as for communication with specialists who respond to requests around the clock throughout the week.

The Series B funding will be used for further expansion into new markets such as the United Kingdom and Hong Kong, where the company is already testing its services.

Target Global, a major international venture capital firm headquartered in Berlin, invests in fast-growing technology companies with the expectation that these companies become market leaders.

Victor Lysenko, Osome CEO and founder, said that thousands of customers who are satisfied with Osome’s services have made it clear that the problems that companies and entrepreneurs face are common to any market worldwide. Osome's mission is to help solve real problems in new markets. “We are also very grateful that our investors and partners recognize Osome’s potential and support our growth,” said Lysenko.

According to Olga Shikhantsova, a lawyer at Target Global, who specialises in FinTech investments, Osomе relieves entrepreneurs of the pain of paperwork, accounting and tax issues. By providing this kind of service, Osome is a true virtual business assistant and solves real international problems. Olga also noted that Target Global invested $2m last December in Osome, then a young company just starting out in Singapore. During this period, the international investment firm has witnessed the rapid growth of Osome. The representative of Target Global expressed hopes for further growth brought about by new markets.

“The Global Launch Singapore program brings startups from around the world to Singapore, paving the way for them to successfully scale in Southeast Asia through education, immersion, and network,” said Thomas Jeng, Director of Innovation and Partnerships for 500 startups. Jeng added that with Osome as a network partner, they hope to make the registration process quick and understandable for program participants and founders.

Olga Maslikhova, Partner at Phystech Ventures, said that Osome manages to solve the main problems of small and medium enterprises using innovative solutions and technologies. Osome was also dedicated to her efforts in providing effective assistance to entrepreneurs from Southeast Asia, taking on all the routine work of accounting, taxes, salaries, communication with authorities and other administrative problems, so that businessmen could free up time for strategic decisions in further growing the company and increasing their impact.