Belgian firm Odoo bags €80M to develop its business app suite

Based out of Grand-rosière, Belgium, Odoo is an open-source suite of integrated business applications actively programmed, supported, and organized by Odoo SA. In the latest development, the company has secured $90 million (approx €80 million) investment led by global growth equity investor Summit Partners. Odoo was advised by the financial advisory firm Lazard.

Other participants include Odoo’s executive management team and existing investor SRIW and its affiliate Noshaq. Notably, the Summit Partners joins management and current shareholders, including SRIW, Sofinnova, and XAnge, in supporting Odoo’s rapid product development pace and continued global expansion.

If you are unaware, Odoo is a suite of open source business apps that cover all your company needs: CRM, eCommerce, accounting, inventory, point of sale, project management, etc. It has approximately 4.5 million users worldwide, which is the most installed business software in the world. This platform provides affordable, customizable, and easy-to-use software that scales with business needs as a company grows.

Odoo has offices in the US, Belgium, Luxembourg, India, Hong Kong, and Dubai. In addition to the 30 applications offered in Odoo Enterprise, Odoo’s community of 20,000 active members worldwide has contributed more than 16,000 apps that cover a broad spectrum of business needs. With revenue growth consistently above 50% over the last ten years, Odoo is one of Belgium’s leading technology success stories.

Fabien Pinckaers, Odoo Founder and CEO, said:

My goal in founding Odoo was to make a difference. I wanted to create software that powers the growth of businesses and changes the world. In order to achieve this, we’ve had to work hard, build a team, and innovate at every turn. I’m incredibly proud of where Odoo is today and the passionate community we have built – and we’re just getting started.

Antony Clavel, a Principal with Summit Partners who have joined the Odoo Board of Directors, said: 

In our experience, traditional ERP is expensive and frequently fails to adapt to the unique needs of dynamic businesses. With its flexible suite of applications and a relentless focus on product, we believe Odoo is ideally positioned to capture this broad and compelling market opportunity

Main image credits: Odoo

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