Odoo raises €500 million
Odoo, a Belgium-based provider of integrated business software, announced a €500 million transaction led by CapitalG and Sequoia Capital, with participation from BlackRock, Mubadala Investment Company, HarbourVest Partners, AXA Venture Partners, and Alkeon. As part of the transaction, existing investors Summit Partners, Noshaq, and Wallonie Entreprendre are selling a portion of their shares; Summit will remain Odoo’s largest institutional shareholder.
Founded in 2002, Odoo offers a suite of open source applications that cover a variety of business needs: CRM, ecommerce, accounting, inventory, point of sale, project management, and more. The company has over 13 million users and currently adding more than 7,000 new clients each month.
Odoo is projected to exceed €650 million in billings within the next 12 months, with a target of reaching €1 billion in billings by 2027. The company has strengthened its global presence by establishing 15 subsidiaries and building a network of 7,500 partners worldwide. With this latest investment, Odoo’s valuation has reached €5 billion.
“Fabien and his team have built a one-of-a-kind business from their ambitious vision for a unified suite of tightly integrated business apps. Odoo’s powerful and easy-to-use suite of apps has won over customers across more than 100 countries and virtually every industry, as well as companies with anywhere from one to thousands of employees. The team’s two decades of dedication and long-term thinking has fostered a robust community of partners, contributors, and users that will serve as their foundation for years to come. We are thrilled to partner with Fabien and the rest of Odoo’s leadership team.” – Alex Nichols, partner at CapitalG, the independent growth firm of Alphabet Inc.
“Odoo has built an outstanding software company with a unique culture, product suite, and ecosystem. Odoo is a tremendous business already, and it feels like their best days are still ahead. Odoo has the long-term potential to transform the SMB software market and deliver enormous value to customers. We’re excited to partner with Fabien and the Odoo team for the long-term.” – Andrew Reed, partner, Sequoia Capital.
