“We were impressed with Omie’s leadership and execution,” said Riverwood Capital Vice President Joe de Pinho, who will join the board of directors. “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.”
From Riverwood Capital’s investment, the B2B company from Sao Paulo now has an accumulative value of US$27 million. The Menlo Park-based accelerator was the sole investor for this investment round.
Omie will allocate the latest funds towards developing products, strengthening its franchise model, plus making “advanced innovations” in its financial services. Another goal for the tech startup is to hire more personnel considering there are currently more than 100 job vacancies.
Omie provides comprehensive business management tools to SMBs (small and medium-sized businesses). Company owners can take advantage of its cloud-based, AI-powered SaaS (software as a service) platform equipped various applications. These include invoicing, inventory management, accounts receivable and accounts payable.
Further functionalities include CRM (customer relationship management), point of sale services, stock management, working capital management and financial services.
“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. “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.”
This isn’t the first time Omie has raised such substantial capital. Astella Investimentos allocated US$7 million last September. Also in 2016, it received undisclosed investments from Angel network Verus Group.
Nowadays, ERPs face a pretty saturated market with so many competitors doing pretty much the same. What Omie has accomplished with Riverwood is wonderful. However, we’ll have to wait and see how it distinguishes itself further.
Personally, when it comes to ERPs everything depends on pricing, features and overall UX. User experience is crucial considering many ERPs platforms tend to be convoluted to navigate.
So far, though, Omie is off to a good start in Brazil where there are approximately 2.7 million SMBs eligible for services. Considering that the startup’s revenue grew from US$4.3 million in 2017 to US$7.3 million in 2018, it’s doing something right.