AppZen Announced $180M Funding May Challenge Brazilian and Latam Incumbents in Compliance, Tax and Expense Automation

Overview

AppZen announced $180M funding, marking a significant Series D round for the San Jose, Silicon Valley–based AI automation platform. The investment, led by Riverwood Capital, signals that AppZen’s “agentic AI” model — which converts operating procedures into configurable digital coworkers — could soon pressure established Brazilian and Latin American players in compliance, tax, and expense automation.

Why the Riverwood AppZen investment matters for Brazil and LatAm

Riverwood is no stranger to Brazil. With a São Paulo office on Faria Lima — the metonym of Brazil’s financial center –, it has previously invested in VTEX, Omie, Mandic, and CRM&Bonus. Its lead role in the AppZen $180M round suggests more than passive interest: AppZen is already available in the Brazilian SAP Concur App Center, where CFOs can integrate its Expense Audit solution directly.

Brazil’s strict electronic invoicing systems (NF-e/NFS-e) create fertile ground for automation. Compliance-heavy processes and risk of penalties mean CFOs are searching for solutions to enforce policies and cut fraud. AppZen’s Series D raise positions it to address exactly these needs.

Business Impact of the AppZen $180M round

AppZen’s Mastermind AI Automation Platform operates in more than sixty countries and supports forty languages. For Brazilian and LatAm enterprises, the AppZen funding announcement promises to reduce costs and harmonize financial controls.

Backed by Riverwood’s regional experience and track record scaling companies like Omie (R$855M round in 2025), AppZen is well-placed to move into markets where expense auditing and accounts payable remain both strategic and regulatory bottlenecks.

Competitive Angle

AppZen announced $180M funding increases pressure on Brazil’s incumbents in compliance and expense automation, including Arquivei, Dootax, and Concil, which focus on NF-e/NFS-e issuance and reconciliation. Riverwood’s dual strategy — supporting local leaders like Omie while introducing global challengers like AppZen — underscores how cross-border capital is reshaping Brazil’s automation ecosystem.

Installed Base and Series D scale

AppZen already serves 500+ enterprises worldwide, including 65 Fortune 500 companies. Its Expense Audit solution, listed in the SAP Concur Brazil marketplace, powers 1,800 finance teams globally. Although no Brazilian clients have been publicly named, the AppZen $180M funding announcement expands capacity to support the region.

The Firms Behind the Deal

Investor Counsel: 

Foley & Lardner LLP acted as legal counsel to Riverwwod Capital.

The Foley team was led by partners Louis Lehot and André Thiollier with contribution from associates Trevor Mullin and Rachel Horewitz, and supported by specialists in tax, technology, privacy, and employment.

Foley & Lardner is a U.S. law firm founded in 1842 with more than 1,100 attorneys across 27 offices, recognized for its strength in venture capital, M&A, technology innovation, and life sciences. The firm combines its deep sector expertise with a global reach, advising startups, investors, Fortune 500 companies, and corporates on cross-border transactions and regulatory strategy. In Latin America, Foley has been active through its Silicon Valley and Miami platforms, with partners like André Thiollier and Louis Lehot frequently representing investors and growth companies in the region.

Company Counsel:

Cooley LLP represented AppZen.

 The Cooley team had partners Erik Edwards and Adam Bloom as lead counsels with support from Allison Pang (Associate), Michelle Peleg (Associate), Alex Hammer (Associate), and Lucy Bauer (Associate).

Cooley is a global technology and venture-capital–focused law firm with ~1,400 lawyers across multiple U.S., European, and Asian offices.  The firm is consistently ranked as a top advisor to companies raising venture capital, handling M&A, IPOs and fund formation. Cooley emphasizes a “team-centered” culture and has strong credentials in life sciences, intellectual property, regulatory, and technology transactions.

Related Reading to the AppZen funding announcement

• Omie Funding Round 2025: Brazil’s Largest Startup Deal This Year
• Foley & Lardner on Riverwood’s investment in AppZen
• SAP Concur Brazil App Center: AppZen Expense Audit listing

Resumo em português

A AppZen, sediada em San Jose, no Vale do Silício, anunciou US$180 milhões em sua rodada Série D em 22 de setembro de 2025, liderada pela Riverwood, que contou com assessoria do escritório Foley & Lardner LLP. A empresa já aparece no SAP Concur App Center brasileiro, com soluções de auditoria de despesas que podem concorrer com plataformas locais como Arquivei, Dootax e Concil.

Resumen en español

La AppZen, con sede en Silicon Valley, anunció US$180 millones en su ronda Serie D el 22 de septiembre de 2025, liderada por Riverwood Capital. Con asesoría legal de Foley & Lardner LLP, la empresa apunta a competir en América Latina con plataformas de cumplimiento y automatización de gastos.