Odoo, a Belgium-based open source startup recently announced a whopping $215M investment from growth equity investor Summit Partners.
Odoo is the first unicorn out of Wallonia, the region in Belgium where it is based and has 7 million users worldwide. In the Middle East alone, the startup has 160 employees, has 600+ partnerships, and 600,000+ users.
Odoo’s SaaS offering includes applications covering all business needs: accounting, manufacturing, project management, HR, inventory, marketing, website builder and more.
After the bootstrapped founding in 2005, Odoo reached a substantial scale with limited funding; before Summit’s initial investment in 2019. Odoo holds a team of 1700 employees worldwide and has achieved growth of more than 50% per year in 10 years. Further, Odoo has one of the biggest business app stores worldwide, with over 30,000 apps, and operates international offices in Belgium, Luxembourg, USA, India, Mexico, Hong Kong, and Dubai.