Alphabets VC arm backs little-known SAP rival Odoo, boosting valuation to $5.3 billion
Summary
Fabien Pinckaers, CEO and co-founder of Odoo, told CNBC in an interview this week that his company didnt have a need to raise any primary capital as it is "cash profitable" and growing revenue at a rate of 50% year-over-year. Later, as the company started bringing in revenue, Odoo opened two additional offices in Belgium, home to the firms research and development, support and technical teams. Hes lived there for a year now, working to expand the companys presence there, hiring more people, increasing marketing and broadening Odoos overall partner network. Alex Nichols, partner at Alphabets CapitalG, told CNBC that hes not worried about "IPO timing," adding that factors like public market conditions are ultimately "out of our control." Odoos other backers include the likes of private equity firms Summit Partners, Noshaq, and Wallonie Entreprendre, which all sold a portion of their shares to CapitalG and Sequoia as part of the 500-million-euro investment announced on Wednesday.
