Business

Omie raises Series C round extension with Chinese behemoth Tencent

The funding is an extension of the BRL 580 million Series C round led by SoftBank in August; Omie plans to launch new financial services integrated with its management software

Omie, a Brazilian management platform, receives a BRL 580 million round led by SoftBank
Photo: Omie/Facebook
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Omie, a cloud-based SaaS ERP platform focused on mid-sized companies, has just announced a minority funding round from Tencent, one of China’s largest cloud service companies. The funding is an extension of the BRL 580 million Series C round led by SoftBank Latin America Fund and followed by Riverwood Capital and other investors. Omie did not disclose the round size.

According to Omie, the funds infused by Tencent will help the company accelerate its growth roadmap and M&A pipeline. Since the pre-IPO round led by SoftBank in August, Omie has already made two acquisitions: Devi Tecnologia, a sales software solutions company, and G-Click, a web tool for accountancy firms to optimize task, metrics and team management.

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Omie’s whole growth strategy targets small and medium-sized businesses, an audience increasingly disputed by large banks and fintechs, which are beginning to look beyond the individual client. To address this opportunity, Omie recently announced a partnership with Itaú bank, to jointly offer ERP and financial services to about 1.5 million companies.

Omie also plans to launch new financial services integrated into its management software, offering a complete solution, combining management tools, entrepreneurial education, and financial services in a single interface for SMEs. The startup‘s goal is to reach 100,000 customers by the end of 2021.

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Founded in 2013, Omie has raised over BRL 690 million in rounds prior to Tencent’s new funding. The company had been selling its integrated management service and financial products to companies with average revenues of around BRL 10 million per year. Due to the pandemic, it started to seek clients with revenues of up to BRL 200 million, competing in a market served by giants such as the German SAP. The startup reported that it had a 70% growth last year; Omie currently has 1163 employees and 78,000 customers.

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