Omie, a Brazil-based startup that provides small and medium-sized businesses (SMBs) with a business management platform, announced it raised $20 million in Series B funding according to Crunchbase. Riverwood Capital was the sole investor in this round of funding. Including this funding round, Omie has raised $27 million total. Last year, Brazilian venture firm Astella invested $7 million in the company.
Riverwood vice president Joe R. De Pinho pointed out that Omie works similarly to QuickBooks as it provides a cloud-based and AI-powered SaaS platform that is built for small business owners. Omie’s platform provides tools like invoicing, inventory management, accounts receivable, and accounts payables.
“With our offering, we help solve the biggest operational pain points Brazilian companies face as they grow, in almost any segment,” said Omie founder and CEO Marcelo Lombardo in a statement. “We have shown accountants that together we can drive the digital transformation of Brazilian SMBs, making them more competitive and integrated.”
There are an estimated 2.7 million SMBs in Brazil so there is a large growth opportunity in Brazil. And with partnerships set up through accounting firms, Omie has launched its go-to-market products.
“We were impressed with Omie’s leadership and execution,” added de Pinho — who is joining Omie’s board. “Plus, we simply felt they had the best product out there to serve this massive market, in terms of what they offer and how they run their business.”
In 2018, Omie saw $7.3 million in revenue compared to $4.3 million the year before. And the company’s headcount grew to 215 employees at its headquarters compared to 38 the year before.
With this funding round, Omie will continue developing its products and strengthen its direct sales and franchise model. Plus the company will advance innovations in its financial services platform.
