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Kingdom of Belgium - basedOdoodecided to utilize unfastened root tools as a way to attack the enterprise resourcefulness planning ( ERP ) software market , going up against giants like SAP . Fast - forward a couple of decades and it ’s now nibble up € 500 million in secondary investment — or around $ 527 million at current exchange rates — lead by CapitalG ( Alphabet ’s speculation stock ) and Sequoia Capital , plus other investor .
The new backing sees its valuation move up to € 5 billion ( $ 5.26 billion ) . Yes , you understand that right hand .
Odoo has n’t ask to call down primary upper-case letter in eight years , because with over five million users and 40 % growth per year , line of work is very good indeed . It ’s contrive to outgo € 650 million ( $ 685 million ) in billings in the next 12 months and is aiming to hit a nerveless € 1 billion ( $ 1.05 billion ) by 2027 . It was previously rate at € 3.2 billion ( $ 3.37 billion ) prior to this round .
So why is Odoo advance a chunk of cash now ? The company said the investment will be used to accelerate R&D and product evolution — likely with its eye on how AI might disrupt ERP concern as usual .
As we reported latterly , traditional ERP software tools — usually provided by IT organization provider — are total under onslaught from AI . Cogna is a U.K. startup thatraised$15 million to get AI to indite enterprise software apps on its own , for example .
Odoo , which was institute back in April 2002 , is the brainchild of Fabien Pinckaers , who founded the company from his farm . He now live in India , steering the business from there .
PinckaerstoldCNBC he is in no rush to take the companionship public , despite its high valuation and tax income .
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Pinckaers built Odoo up fromhumble open germ project beginningsto a stage business software Jagganath that comprises over 80 apps spanning a range of routine such as accounting , CRM , manufacturing , and marketing , along with an app store of 50,000 + community developed apps , serving a large community of developers and partners .
The majority of Odoo ’s business is in ( free - to - access ) subject source software package , with 20 % come from software license for a fee ( aka , its give “ Odoo Enterprise ” products ) for users that want thing like extra features .
“ Fabien and his team have built a one - of - a - form business from their challenging imagination for a unified retinue of tightly integrated job apps , ” Alex Nichols , partner at CapitalG , said in a canned program line accompanying the funding .
pen on his company ’s web log , Pinckaersadded : “ ERPs are traditionally expensive and resource - intensive to implement , often failing to foregather the actual need and evolving requirements of SMEs . We have developed a unparalleled time value proffer that is play a pivotal role in the market . ”
Odoo last raised backing back in 2014 , when it pulled in a $ 10 million Series B unit of ammunition .
Also participating in this rare new round are Alkeon , AVP , BlackRock , HarbourVest Partners , and Mubadala Investment Company .
former investors include Noshaq , Summit Partners , and Wallonie Entreprendre , which all sell secondary shares to CapitalG and Sequoia as part of this stave . Summit will remain Odoo ’s largest institutional stockholder .
