{"id":19635,"date":"2020-01-03T13:30:16","date_gmt":"2020-01-03T13:30:16","guid":{"rendered":"https:\/\/www.targetintegration.com\/?p=19635"},"modified":"2020-01-03T13:30:16","modified_gmt":"2020-01-03T13:30:16","slug":"where-does-the-90-million-recently-raised-by-odoo-go-towards","status":"publish","type":"post","link":"https:\/\/targetintegration.com\/en_ie\/where-does-the-90-million-recently-raised-by-odoo-go-towards\/","title":{"rendered":"Where does the $90 Million recently raised by Odoo go Towards?"},"content":{"rendered":"

In a new round of funding, <\/span>Odoo<\/a><\/strong> has raised $90 million. This is not being described as a Series C round. But it is the third round while also being the largest.\u00a0<\/span><\/p>\n

Before the aforementioned, Odoo had raised $10 million. This was in a Series B round, led by <\/span>Sofinnova<\/a><\/strong>. The Summit partners had also led this round. Early investors supported it, and they included <\/span>SRIW<\/a><\/strong>, and <\/span>Noshaq<\/a><\/strong>, SRIW\u2019s affiliate.<\/span><\/p>\n

The total amount raised by Odoo and henceforth comes in the line of over $103 million. Raising the money was a relatively effortless procedure for Odoo. The brand did not have to put in a significant marketing effort towards the project.\u00a0<\/span><\/p>\n

Odoo is into <\/span>ERP<\/b><\/a> solutions. They are headquartered in Belgium and now have over 750 employees. Their offices are located in the US, Mexico, Luxembourg, Columbia, and UAE.<\/span><\/p>\n

Over the last few years, Odoo as a company has come across a steady growth. Their growth rate was over 50% across the decade gone by. It further accentuated in 2019, wherein they added over 300 employees. An important attribute boosting the hiring was a recent announcement by Odoo. They offered \u20ac10,000 to any Belgian developer who was getting started with the company.\u00a0<\/span><\/p>\n

Odoo chose to pay the developers directly, instead of paying an agency. While the idea was innovative, its success rate will present itself as time passes.<\/span><\/p>\n

Open Source approach<\/span><\/p>\n

As per Odoo, their software is the most installed business software worldwide, with 4.5 million users in place.<\/span><\/p>\n

The claim, nevertheless, is subject to how one defines business software. <\/span>SAP<\/b><\/a> has 150 million users over its cloud apps and makes no such claims.<\/span><\/p>\n

An open-source core is used for building <\/span>Odoo products<\/b>. They are developed with assistance from the Odoo community. Odoo also makes many proprietary applications available. They enable the functionality to render support in varied ways:<\/span><\/p>\n