Odoo: A Belgian tech powerhouse attracts top global investors
The Walloon software developer Odoo has secured a significant capital injection from some of the world’s most renowned investors, including CapitalG (Alphabet’s venture arm), Sequoia, BlackRock, and Mubadala. This €500 million transaction values Odoo at an impressive €5 billion, solidifying its position as Belgium’s most valuable private tech company.
Key players like CapitalG and Sequoia took the lion’s share of the deal, while additional investments came from HarbourVest Partners, AXA Venture Partners (AVP), and Alkeon Capital. Notably, this operation revolves around the sale of existing shares, with no new capital raised—a testament to Odoo’s ability to fund its growth independently.
Odoo’s remarkable growth: From local scale-up to global leader
Founded over two decades ago by CEO Fabien Pinckaers, Odoo has grown from a local scale-up to a leader, worth more than €5 billion. With a client base expanding from 4.5 million in 2019 to over 13 million today, Odoo’s revenue trajectory mirrors this growth. It soared from €148 million in 2021 to €324 million, with a projection of nearly €500 million this year.
Pinckaers, who remains the majority shareholder and has never sold his stake, emphasized the strategic value of this transaction: “Bringing investors like Alphabet, Sequoia, and BlackRock to the table is a validation of our success.”
Implications for HarbourVest and Sequoia Fund participants via Portolani vehicles
For our clients invested in funds managed by HarbourVest and Sequoia, this transaction underscores the potential value these funds deliver by backing high-growth companies like Odoo. The deal not only validates Odoo’s business model but also highlights the capability of these funds to identify and nurture transformative companies, ensuring robust returns for their investors.
As Odoo continues its global expansion, this landmark deal serves as a beacon of innovation and an inspiration for Belgium’s thriving tech ecosystem. We are proud at Portolani to provide access to worldwide leaders in the capital markets space.
