In September 2025 Omie, a cloud ERP for Brazilian SMBs distributed through accounting firms, closed a USD 150 million Series D in which Partners Group acquired 15% of the company for USD 100 million, at a valuation of about USD 700 million. It was the largest equity round for a Brazilian startup that year. It matters less for the size than for the structure: most of the round was secondary, liquidity for existing shareholders rather than new cash for the business.
The transaction
- Parties. Omie as issuer; Partners Group as lead investor; SoftBank, Riverwood and Astella as partial sellers that remain on the cap table. The remaining USD 50 million came from undisclosed investors.
- Size. USD 150 million according to Bloomberg Línea’s Brazilian edition; the Spanish-language edition reported USD 160 million. This analysis uses the Brazilian figure, which details the structure.
- Valuation and structure. About USD 700 million; mostly secondary. The previous round was BRL 580 million, led by SoftBank in 2021.
- Reported metrics. ARR close to BRL 600 million; more than 28,000 accounting firms in the network; more than BRL 35 billion in electronic invoices per month; financial services at about 7% of revenue.
- Status. Announced on 11 September 2025. Governance terms not disclosed.
Value drivers
The accountant channel. Omie does not sell to the SMB: it sells to the accountant who serves the SMB. More than 28,000 firms act as sales force and retention anchor. In our reading, that channel is what leads a private-markets manager to pay a valuation that, at the exchange rate of the day, implies a mid-single-digit ARR multiple for a minority stake.
Embedded financial services. Digital account, receivables advances, cards and payments represent about 7% of revenue, with a target of 25% to 30% by 2030. The BRL 35 billion in monthly electronic invoicing is the data that underwrites credit and collections; the ERP is the entry point, not the end product.
Scarcity of scaled assets. According to Bloomberg Línea, it was the third-largest round in Latin America that year, after Mexico’s Klar (USD 170 million) and Plata (USD 160 million). The price reflects that scarcity.
The secondary as an instrument. That SoftBank, Riverwood and Astella sold part and stayed indicates, in our reading, that they sought to return capital to their own investors without exiting, and that the company did not need cash.
Plan to 2030. One million clients and USD 1 billion in annual revenue. Marcelo Lombardo, founder and CEO, said the company can be ten times larger with its current channels, without new products.
What the market is signalling
For a Mexican SaaS founder, the signal is that international growth capital will buy minorities in Latin American companies with proven distribution and transactional data, and gives liquidity to venture funds from earlier rounds. Klar and Plata, both Mexican, closed larger rounds in the same period: the appetite exists in the country, though so far it has concentrated in fintech.
For buyers and comparables, the case sets a public valuation reference for ERP and SMB management software in the region. A strategic buyer evaluating similar assets in Mexico will have to explain why it would pay less for a comparable channel.
For lenders, electronic invoicing volume and recurring revenue are the basis for venture debt or private credit. A Mexican company with equivalent invoicing data (CFDI) has a similar underlying asset for structuring debt.
G2’s reading for a mandate
A round with a secondary component requires preparing the cap table before the data room: shareholder agreement on price and priority, drag-along and tag-along rights, and a narrative that separates channel revenue from financial-services revenue with verifiable cohorts. The competitive process must include private-markets managers and not only venture funds, because the buyer of a mature minority is a different counterparty.
Sources
- Bloomberg Línea Brasil, 11 September 2025: Partners Group adquire 15% da Omie por US$ 100 milhões
- Bloomberg Línea Brasil, 13 September 2025: Rodadas da semana: Omie atrai US$ 150 milhões
- Crunchbase News, 10 October 2025: Latin America funding: Brazil leads Q3 2025