Belgium-based Odoo raises $90 million to provide all-in-one, open source business software for small and medium sized businesses worldwide

With more than 4.5 million users worldwide, Odoo is the most installed business software in the world. Odoo was founded in 2005 by Fabien Pinckaers. The company’s solutions are designed to support businesses of all sizes, with a flexible, fully-featured, and integrated suite of applications to run and manage all aspects of a business. Odoo’s functionality encompasses traditional ERP, including accounting, stock, manufacturing and CRM, as well as broader business needs such as project management, marketing, human resources, website, eCommerce, point-of-sale and more. With a modular approach, Odoo provides affordable, customizable and easy-to-use software that scales with business needs as a company grows. Odoo has offices in the U.S., Belgium, Luxembourg, India, Hong Kong and Dubai.

“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,” said Fabien Pinckaers, Odoo Founder and CEO. “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.”

Since 2015, Odoo has operated with an open core business model that combines its open-source product, Odoo Community, with a suite of proprietary core apps through Odoo Enterprise. In addition to the 30 applications offered in Odoo Enterprise, Odoo’s community of 20,000 active members worldwide has contributed more than 16,000 apps that cover a broad spectrum of business needs. With revenue growth consistently above 50% over the last ten years, Odoo is one of Belgium’s leading technology success stories. To support the company’s growth and global expansion, Odoo has grown its team to 750-strong, including the addition of more than 300 team members in 2019. Odoo operates international offices in San Francisco, India, Hong Kong and Dubai to support a global customer base.

“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 of Directors.

“We are thrilled to partner with Fabien and his visionary team for this next phase of growth,” added Han Sikkens, a Managing Director and Head of Europe at Summit Partners.