- July 29, 2021
- Posted by: Stratford Team
- Category: Business
Open source has become a major force in the world of IT, and today a startup that has built a profitable operation by developing business management software on the priniciple is announcing a sizable secondary investment on the back of that growth.
Odoo — a Belgium-based provider of open-source-based business software that ranges from inventory management and ERP through to human resources and CRM software, marketing tools and more, some 30,000 in all — has received $215 million from Summit Partners.
This is a secondary investment, meaning Summit is buying shares from existing investors (specifically Sofinnova Partners & XAnge): Odoo is profitable and has been so for years, CEO and founder Fabien Pinckaers explained in an interview earlier, and so it didn’t need to raise more cash by giving away more equity. He added that this investment values the startup at over €2 billion (or over $2.3 billion at current rates), making Odoo the first…