Odoo's financial statements or reports from financial news outlets

Odoo Valuation Hits $5.3 Billion After €500 Million Investment Led by Alphabet's CapitalG, Challenging SAP

Nov 20, 2024, 03:07 PM

Odoo, a Belgium-based company specializing in open-source enterprise resource planning (ERP) software, has successfully raised €500 million in a secondary share round, boosting its valuation to approximately $5.3 billion. The funding round was led by Alphabet's venture capital arm, CapitalG, and Sequoia. This significant investment underscores Odoo's growing influence in the SMB ERP market, positioning it as a notable competitor to established players like SAP. The company's innovative approach and large ecosystem of developers and applications have contributed to its rapid growth and recognition in the technology sector.