Investment will accelerate growth for its award-winning SaaS platform and advance innovations in the company’s financial services offering
Omie, the fastest growing SMB financial management SaaS provider in Brazil, has received a $20 million Series B investment from Riverwood Capital, a US–based growth stage technology investment firm.
Omie’s award-winning SaaS platform allows SMB managers to optimize and manage all aspects of their businesses, with modules including: billing, inventory, working capital management, and point-of-sale integrations, as well as financial services (e.g. working capital financing). “With our offering, we help solve the biggest operational pain points Brazilian companies face as they grow, in almost any segment,” says Marcelo Lombardo, founder and CEO of Omie. The company’s cloud-based platform addresses the needs of up to 2.7 million SMBs in Brazil.
The five-year-old São Paulo based company has been innovative since launch, starting its go-to-market through a partnership-based distribution channel via accounting firms: “Since 2013, we have shown accountants that together we can drive the digital transformation of Brazilian SMBs, making them more competitive and integrated. This brings efficiency to the entire ecosystem”, adds Lombardo.
“The accounting market is changing all over the world, and the accountant needs to reposition him or herself as a trusted adviser who helps his clients grow, instead of solely a bookkeeper. The solution created by Omie is the only one that really helps us in this mission,” said Vicente Sevilla of Seville Accounting, a partner accountant at Omie, which is one of the largest accounting franchise networks in the country.
“We are very excited to support Omie and this great team in their new phase of growth,” said Francisco Alvarez Demalde, co-founder and managing partner of Riverwood Capital, a technology investment firm has invested behind a number of leading companies in Latin America over the past decade, including 99, VTEX, Globant, Conductor and Mandic, among others. “We were impressed with Omie’s leadership and execution. They have developed a world-class product which helps SMBs digitize how they run their business,” commented Joe De Pinho, Vice President of Riverwood and future Omie board member. “The next wave of technology adoption will be led by SMB owners. Omie has the best product offering to deliver all the benefits of technology to that segment,” added De Pinho.
The funds will be used to fuel growth and product investment, strengthening its direct sales and its franchise model, through which it expects to have a local presence in all Brazilian metropolitan centers. “We believe in distributed strength, that’s why we have hired openings practically all over the country, not to mention our headquarters, where we have more than 100 open positions in the areas of sales, support and success,” said Rafael Olmos, CTO and co-founder of Omie.
Prior to Riverwood, Omie had already received a $6 million investment from the Brazilian VC fund Astella Investimentos, announced in September 2018. Riverwood’s investment brings total capital raised by Omie to $26 million.
Omie is a Brazilian company that offers a cloud management platform for small and medium-sized companies, which brings together a both Management System (ERP, CRM) and Financial Services in a unified, easy-to-use experience. Launched in 2013, Omie stands apart in the market by offering a complete financial management solution that users love – 99% approval – and by offering a regional reach, through its Franchise Network and accountant partners. Omie is the only company in its segment to rank #3 among the Top 100 fastest growing companies in Brazil, according to Deloitte. To have a meaningful impact on SMBs, leading to productivity and prosperity for all in its ecosystem – employees, partners, franchisees, and customers – is Omie’s mission. Go to www.omie.com.br.
Riverwood Capital is a private equity firm that invests in high-growth, middle-market companies in the technology, technology-enabled, and other related industries. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies that typically need growth capital and expertise to scale globally. The firm invests in established businesses with dynamic management teams, a proven technology and business model, and the proper fit in terms of culture and values. Riverwood invests globally and participates in both minority and control deals. The firm has offices in Menlo Park, CA; New York, NY; and Sao Paulo, Brazil. Please visit www.riverwoodcapital.com.
Astella is an investment fund in Brazilian Venture Capital with a focus on companies in the Seed and Series A stages. Founded in 2008, and currently in its third fund, Astella invests in talented entrepreneurs if daring, motivated by a purpose and use technology to create new businesses, solutions and market categories that will change the future of Brazil.