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Riding high on open source ERP, Odoo raises $527M via secondaries lifting its valuation to $5.26B | TechCrunch

Nov 20, 2024 - techcrunch.com
Belgium-based Odoo, an enterprise resource planning (ERP) software provider, has raised €500 million ($527M) in a secondary investment round led by CapitalG and Sequoia Capital, among others. The funding has increased the company's valuation to €5 billion ($5.26B). The funds will be used to accelerate R&D and product development, with a focus on AI's potential disruption of the ERP sector.

Odoo, founded in 2002, has over five million users and has seen 40% growth per year. It is projected to exceed €650M ($685M) in billings in the next 12 months and aims to hit €1B ($1.05B) by 2027. The company offers over 80 business software apps and an app store with 50,000+ community-developed apps. Most of its business comes from open-source software, with 20% from software licensed for a fee.

Key takeaways:

  • Belgium-based Odoo has raised €500 million ($527M) in secondary investment led by CapitalG and Sequoia Capital, raising its valuation to €5 billion ($5.26B).
  • The company, which offers a suite of business software apps, has over five million users and is projecting to exceed €650M ($685M) in billings in the next 12 months.
  • The new funding will be used to accelerate R&D and product development, with a focus on how AI might disrupt the ERP business.
  • Odoo's founder, Fabien Pinckaers, has stated he is in no rush to take the company public, despite its high valuation and revenues.
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