Osome, a Singapore-headquartered business assistant app that digitizes accounting and compliance tasks, has raised $3 million. The start-up already has about 4,500 SME clients across Singapore, Hong Kong, and the United Kingdom, founder and chief executive officer Victor Lysenko told TechCrunch. The new funding including Target Global.
“We are in a good place in terms of cash reserves and operational performance so we used this opportunity to raise funding before a much larger Series A planned for 2021,” Lysenko said. When the startup launched in 2018, he told the masses it reached $1 million in annual recurring revenue by the end of the year, then increased the amount to $4 million in December 2019. Osome plans to reach the target of $8 million before 2020 runs out.
Lysenko told TechCrunch that Osome launched in Singapore because the country’s “simple business rules and a simple tax system allowed us to offer clients a ready-made solution quickly.” Osome is now looking at Australia as a potential new market, because of its proximity to its Singapore headquarters and its similar account and corporate service rules.
Lysenko said the number of companies “is an excellent support for our thesis that this market is ripe for disruption.” “Having said that, we believe that while all our competitors are looking at this space from a digital perspective, our special sauce is that we digitize the process to a much deeper extent and do not rely on third-party solutions as much as others do,” he added.
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