Singapore-based Osome bags $3m to expand to Hong Kong, UK

Osome, an AI-backed business services provider that aims to digitize the corporate management industry, has raised US$3 million in a round led by international VC firm Target Global.

Founder of Osome Victor Lysenko / Photo credit: Osome

Cyprus-based VC firm AdFirst and Phystech Ventures, a fund focused on internet of things, robotics, and cybersecurity, also participated in the round. Osome’s latest raise follows a US$2 million round it closed in December 2018.

The Singapore-based company plans to use the new funds to extend the reach of its platform to the UK and Hong Kong. It said it has already started testing the two new markets.

Launched in 2018, Osome provides accounting, reporting, company formation, and other business management services to small and medium-sized enterprises through its AI-enabled platform. Its cloud-based service is available on desktop and mobile devices.

The company said it has worked closely with the OCBC bank to co-design same-day incorporation and instant business account opening services for the Singapore market. Osome has also been enrolled in the Infocomm Media Development Authority’s SG:D Spark program, which allows it to gain simplified access to various grants.

The company has also joined 500 Startups’ Global Launch program. Supported by Enterprise Singapore, the program will see global startups plan and execute expansion into Singapore in 2020. Osome is set to provide participants with its services in company formation and corporate administration, according to a statement.

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