But, clearly, the investment firm is a big believer in the potential of the ERP and CRM software firm founded back in 2005, as the scale-up plans to open half a dozen new offices and hire approximately 1,800 extra people around the world.
After investing €180 million at a €2 billion valuation less than a year ago, Summit Partners has reportedly fully bought out early investors Sofinnova Partners and XAnge to increase its stake and lift Odoo's valuation to €3.2 billion.
With the transaction, Summit Partners put up another €112 million and upped its stake to 25%, with minority shareholders such as Xavier Niel and the Regional Investment Company of Wallonia (SRIW) still on the cap table.
Odoo founder and CEO Fabien Pinckaers and his management team retain a lot of control, with roughly 65% of equity in their hands. By all accounts, they're very keen on maintaining that significant control.
Next up? Pushing for business growth worldwide.
The company's vision is simple but ambitious: to streamline operations for millions of small and medium-sized enterprises, by offering accessible, affordable solutions for things like accounting, inventory, manufacturing, project management, HR, marketing, and plenty more.
Odoo currently has more than 7 million users using its solutions, and expects a turnover of about €300 million for the year (and a small profit to boot), according to Belgian media reports.