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Week Ending 2021-06-13
“To be wealthy, accumulate all those things that money can’t buy.”
Corporate services “superapp” Osome lands $16M Series A (techcrunch.com)
- Osome’s flagship product is online accounting services for SMEs. It also offers corporate secretary services, including business registration, compliance and taxation. The platform uses machine learning tech to automate many tasks.
- “Looking at the e-commerce segment some time ago. The pandemic has caused the e-commerce industry to grow significantly faster and that was also a factor for us.”
- 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.
- Opinion: I am very happy when startups disclose their numbers during fundraising announcement. Quite interesting to still see 16M raised at 9,5M ARR, which is less than 2x while the company is growing 100% yearly. I believe it is not a fair comparison to purely software startups as accounting automation/outsourcing have much lower margin.
- Also an interesting that an accounting services company found a market fit in e-commerce.
Yousign raises $36.6 million to build a European alternative to DocuSign (techcrunch.com)
- Yousign, as the name suggests, is an e-signature provider that complies with European regulation on digital signatures.
- You may be familiar with DocuSign, Adobe Sign, SignNow, HelloSign and a bunch of other players. But none of them have been designed for the European market from the ground up.
- Opinion: Electronic signatures are quite crowded market and there are few tries in Europe. It is great to see someone emerge with more funding which will hopefully lead to a wider acceptance of the signatures. Still the competition from better funded players is there and if the competitive advantage is design for EU, how strong is the advantage?