- Osome raises $17M in Series B extension amidst challenges.
- Startup optimistic about profitability despite layoffs.
- Funds to enhance automation, customer service, and marketing.
Singapore-based AI-powered startup Osome has secured $17 million in a series B extension funding round, consisting of equity and debt from undisclosed investors.
This brings the total series B funding to $42 million, following an initial $25 million raised in December 2022.
Surfing the startup seas
The company, which aims to digitalize corporate management, faced a challenging year marked by customer complaints and mass layoffs.
Despite letting go of 70 employees to break even, Osome co-founder and COO Konstantin Lange remains optimistic, viewing the new funding as crucial to achieving profitability.
The company reported revenue growth in 2023 alongside a decrease in burn rate.
Setting sail towards profitability paradise
Osome plans to allocate the new funds towards enhancing its automation capabilities, customer service, and marketing efforts.
The company also welcomed change and growth expert Joerg Ruetschi as president and chief transformation officer to steer Osome towards profitability.
Founded in 2017, Osome employs over 400 people across Singapore, Hong Kong, Malaysia, the UK, the Netherlands, and the Philippines.
To read the original article: https://www.techinasia.com/osome-raises-us17-million-series-funding-months-mass-layoffs
