Osome, a Singapore-headquartered financial admin startup, has raised $25m in a Series B round on a mission to empower entrepreneurs.
According to a report from Deal Street Asia, the round was by Illuminate Financial, AFG Partners and Winter Capital.
Founded in 2017, Osome believes that entrepreneurs are society’s problem solvers. The company said such individuals see opportunities in complexities and drive society towards progress. By providing solutions to handle routine tasks, Osome aims to empower entrepreneurs to focus on driving their business forward.
“We believe that in years entrepreneurs will know that administrative routine is not their job. They will not even consider taking it upon themselves. Osome stands for freedom from this routine and working to bring this future closer,” the company said.
Osome digitises accounting and compliance services for small and medium-sized businesses. By leveraging artificial intelligence software to automate administrative, accounting, payroll and tax-related work for business the company “takes care of the boring stuff.”
In addition, Osome claims it can save entrepreneurs eight hours a week on administration tasks, making income and business tax efficient and automating reconciliation with top marketplaces. Its services also offer a dedicated human accountant who is available daily.
The round, which brings the total raised by Osome to $51m, follows its recent digital banking partnership with the Oversea-Chinese Banking Corporation (OCBC) that will offer businesses a one-stop shop for their financial needs.
Osome previously raised $16m in Series A funding in June 2021, led by London-based Hedosophia.
The funding will be used to fuel the company’s expansion across Singapore and Hong Kong.
Earlier this year, Cornerstone VC, which was born from the black-led angel group Cornerstone Partners, launched a £20m fund to invest in entrepreneurs in the UK from diverse backgrounds.
This vehicle will focus on tech-enabled companies at pre-seed and seed stage, typically investing initial cheques of between £250,000 and £1m with capital reserved for follow-on funding.
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