Corporate services “super app” Osome lands $16M Series A
Osome, a startup that combines multiple corporate services for SMEs into one “super app,” has raised a $16 million Series A. The round included returning investors Target Global, AltaIR Capital and Phystech Ventures, and new backers S16VC and venture capitalist Peng T. Ong, who joined as an angel investor.
The Singapore-based startup’s last funding round was $3 million announced in November. Its Series A brings Osome’s total funding since it was founded in 2017 to $24.5 million. It now claims to be used by 6,000 companies in Singapore, the United Kingdom and Hong Kong, giving it $9.5 million in annual recurring revenue and 100% year-over-year revenue growth.
Its Series A will be used on international expansion and product integrations. Osome, which employs a total of 200 people, has seen fast adoption by e-commerce companies in particular, and plans to launch more products and apps for the sector over the next 18 months.
Co-founder and chief executive officer Victor Lysenko told TechCrunch that the company started “looking at the e-commerce segment some time ago, but wanted to be confident that our product can handle the increased complexity and transaction volume of e-commerce businesses before launching marketing. The pandemic has caused the e-commerce industry to grow significantly faster and that was also a factor for us.”
He added that Osome will add integrations with multiple e-commerce platforms and administrative services, with the goal of cutting hours out of the time e-commerce company (Read more...)