Saying that Odoo is worth 7 billion euros prompts a reflex: “they raised a fortune”. The surprise is that, beyond one or two episodes, the company has never (or almost never) received large primary funding. It has rather orchestrated secondary transactions, exchanges of shares between shareholders, which did not inject operating cash but did update the market price. This article tells how, why, and with what impact (or none) on the business.
As a reminder: primary rounds vs secondary transactions
- Primary round: investors inject cash into the company, in exchange for new shares (dilution).
- Secondary transaction: an existing shareholder sells their shares to an incoming investor. The company receives nothing: these are movements in the capital, not in the cash position.
When we say “Odoo has only raised twice”, we mean primary rounds.
“Odoo has only raised twice”: what we can honestly say
Primary rounds (cash injected into the company)
When we talk about a primary round, it means exactly that: investors bring fresh cash into the company in exchange for new shares. It is a tipping point, because it dilutes existing shareholders, but it gives the company the means to grow (R&D, hiring, expansion).
- In Odoo's case, here are the two confirmed primary rounds:
- 2010 — ~ €3M: seed round with Sofinnova Partners, Xavier Niel and Olivier Rosenfeld.
This is the first time Odoo attracted external capital. This start was crucial: it financed the move from a “small local start-up” to an entity able to consider broader markets, notably the US expansion, hiring technical teams, marketing investments, and so on. - May 15, 2014 — $10M (USD): round concurrent with the OpenERP → Odoo rebranding, to support R&D and commercial growth.
This round accompanied the OpenERP → Odoo rebranding. It served to stabilize the platform, accelerate the development of new modules, and build a more robust organization (sales, support, internationalization). It is the second (and last documented) injection of fresh cash into the company.
- 2010 — ~ €3M: seed round with Sofinnova Partners, Xavier Niel and Olivier Rosenfeld.
After these two episodes, Odoo no longer (or almost no longer) played the game of massive primary rounds: it chose another path.
Secondary transactions + possible valuations
Secondary transactions are operations on existing capital, with shareholders selling part of their shares to other investors, without the company receiving fresh cash. These movements make it possible to “revalue” the share price on the private market without disrupting day-to-day operations.
Here are Odoo's main secondary milestones, with the possible/reported valuations:
- December 17, 2019 — $90M (with Summit Partners)
It was a significant transaction, but the exact valuation resulting from this round was not officially published. - August 2021 — ~€180M (EUR) secondary (often relayed as ~$215M)
Odoo is then described as a “unicorn”. Some media mention a valuation around $2bn at this stage. - June 2022 — valuation of ~€3.2bn
In a share buyback between investors, the company's value is reported at €3.2bn. This figure appears in the Belgian / European tech press. - November 20, 2024 — ~€500-527M (secondary)
This transaction, led by CapitalG & Sequoia, values Odoo at ≈ €5.0 to 5.26bn according to TechCrunch and official statements. - September 2025 — share exchanges (secondary) ≈ €7bn
Announcement at Odoo Experience: the CEO clarifies that it is not a fundraising, but exchanges representing “several tens of millions of euros”
Why these secondary transactions do not affect the business
- In a secondary transaction, money goes from one shareholder to another, without passing through the company. Odoo receives nothing: its budgets, its product investments and its cash position remain unchanged.
- These transactions serve as a market signal: when funds agree to pay high prices for existing shares, it lends credibility to the valuation without disrupting internal operations or governance.
- Odoo's official position reaffirms this: the transactions involve no cash injection and the organization, the roadmap and partner relationships are unchanged.
Full timeline (rounds + secondaries + possible valuation)
| Date / Year | Type | Amount / nature | Estimated or declared valuation |
|---|---|---|---|
| 2010 | Primary round | ~3 M€ | — |
| May 15, 2014 | Primary round | 10 M$ | — |
| Dec. 17, 2019 | Secondary | 90 M$ | valuation not disclosed |
| August 2021 | Secondary | ~180€-215 M$ | “unicorn” valuation (> €1bn), some media mention ~$2bn |
| 2022 | Secondary | — | |
| Nov. 20, 2024 | Secondary | ~500-527 M€ | valuation ≈ €5.0 to 5.26bn |
| Sept. 2025 | Secondary | share exchanges | announced valuation ≈ €7bn |
The 6 levers that explain the valuation
- “Open-core” model + integrated platform
Odoo combines CRM, sales, accounting, inventory and e-commerce in a single suite. The extension store and the partner network reinforce adoption and functional depth. - Radically simple pricing
The Enterprise plan is fixed, per user, regardless of the number of modules activated, which reduces entry friction and encourages internal expansion. The “One free app” offer feeds the funnel. -
Scalable hybrid distribution
- Structured partner channel (commissions, training, support)
- Odoo.sh (PaaS): managed yet customizable hosting, which reduces integration cost and eases expansion
- Atypical financial discipline
Fabien Pinckaers champions an “anti-startup” model: no IPO in sight, self-funded growth, and use of secondary transactions to bring in funds without “cash burn”. - Infrastructure partnerships
Alliances such as the one with Google Cloud ensure resilience, controlled latency and reliability, which is reassuring for large-scale deployments. -
Credible momentum (figures & projections)
- In 2024, Odoo reports €426M in revenue (+32%)
- In 2025, Odoo announces ~€650M (internal forecasts)
-
2027 target: €1bn
This trajectory, coupled with an installed base, makes landing at €1bn plausible, not speculative.
-
2027 target: €1bn
What this valuation means, and why it holds
- Diversified revenue: software subscriptions + cloud services + extensions via the ecosystem → strong retention, room for expansion.
- Very attractive profile for investors: strong growth (> 30%), profitability, founder-centered governance.
- Real market proof: the late-2024 secondary transaction (~€500M) provides an observed price, beyond projections or slides.
Why investors keep believing in it
- The traction is tangible: growth and adoption figures serve as “proof from the field”.
- The model is transparent and stable, with little risk of wild dilution.
- The ecosystem (customers + modules + partners) creates a natural lock-in.
- The fact that reputable funds agree to buy secondaries at high valuations is a powerful signal.
- The founder retains a majority (≈ 55% according to Trends) even after these movements, ensuring strategic continuity
Conclusion
In the end, the real surprise is not that Odoo reaches 7 billion, but how it got there: not through one wild fundraising after another, but through well-calibrated secondary transactions that never weakened its internal operations.
It is the elegant paradox of a silent unicorn: it grows, it gets bigger, but without the noise of dilution. Investors are not betting on financial leverage, but on a stable model, steady execution and a coherent vision.
If Odoo manages to cross the billion-euro revenue mark in 2027, this valuation will not be a favor from the market; it will reflect a bet on consistency, traction and trust.