Odoo surpasses a valuation of €7 billion as General Atlantic enhances its shareholding.

      Belgian business software firm Odoo, which is also considered a unicorn, has achieved a new milestone. Growth investor General Atlantic has increased its ownership in the company by purchasing additional shares from local investor Wallonie Entreprendre, raising Odoo’s valuation to approximately €7 billion.

      This action does not represent a conventional funding round involving new capital. Instead, it is a secondary transaction where General Atlantic acquired existing shares held by Wallonie Entreprendre, the investment arm of Belgium’s Walloon region. Following the transaction, Wallonie Entreprendre retains about 3% of the company.

      Founded in 2002 in Belgium, Odoo has steadily progressed from a small project to a global software platform. It provides a comprehensive suite of business applications utilized by small and medium-sized enterprises for a range of functions including finance, sales, HR, and marketing.

      The software operates on an open-core model, encouraging developers worldwide to create add-on applications, resulting in a vast ecosystem of nearly 40,000 extensions.

      Currently, Odoo serves over 170,000 paying customers across approximately 180 countries. Its global presence and consistent revenue growth were compelling factors for General Atlantic to increase its investment.

      Since its initial investment in 2023, the firm has assisted Odoo in expanding into new markets and refining its commercial strategy.

      A notable aspect of this update is Odoo’s expanded product offerings, with new versions featuring AI enhancements and automation tools, making the suite more appealing to businesses seeking to update fragmented systems to a single, cohesive digital platform.

      For the European tech landscape, this development illustrates a shift in how successful software companies grow and attract investment. Instead of pursuing rapid exits or IPOs, some founders are opting for secondary share transactions that allow early investors to realize profits while maintaining strategic control.

      This approach can facilitate companies remaining private longer, allowing them to focus on cultivating value over time.

      While I may not be aware of the specifics occurring in Belgium or what their breakfast looks like, the country has quietly emerged as a hub for software businesses aiming to scale internationally.

      Odoo stands out as a prominent success story, demonstrating that a strong product focus, community-driven development, and global outreach can secure substantial support from major growth investors.