Odoo, the Belgian provider of open source all-in-one business software, has raised a $90 million round, led by Summit Partners, to fund its fast-paced product development and continued global expansion. Existing investor SRIW, its affiliate Noshaq, and Odoo’s own executive management team also participated in the round.
The software is designed to help companies of all sizes run nearly any aspect of the business. In addition to the 30 applications offered in Odoo Enterprise, Odoo’s community of 20,000 active members has added over 16,000 apps that cover nearly every aspect of running a business.
“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 large and compelling market opportunity,” said Antony Clavel, a Principal with Summit Partners who has joined the Odoo board.
It seems Odoo is indeed capturing the market. With revenue growth above 50 percent for the last ten years, the software has become the most installed business software in the world. To support its 4.5 million users, the Belgian company runs offices in San Francisco, India, Hong Kong, and Dubai, and nearly doubled the team headcount in 2019.
Founder and CEO Fabien Pinckaers commented: “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.”