Walloon software developer Odoo is valued at five billion euros, ranking at the top of all Belgian tech companies.
Walloon tech company Odoo raised some 500 million euros from a group of top investors. This brings the software developer’s valuation to five billion euros, which is also immediately the highest among Belgian technology companies, HLN writes. That group of investors includes several U.S. venture capital funds including CapitalG (Alphabet), Sequoia and BlackRock.
Beyond the five
Walloon tech company Odoo, which provides open source software, was still stranded this summer at a market value of 3.75 billion euros, lagging far behind Team.blue, the company behind web hosting provider Combell. At the time, Team.blue had a market value of nearly five billion euros. Now Odoo achieves a market value of five billion euros, thus cashing in on the podium spot of highest valued Belgian tech company.
That market value increased due to a sizable investment from some major venture capital funds. The new investors include U.S. venture capital funds CapitalG (Alphabet), Sequoia and BlackRock, Mubadala Investment Company, HarbourVest Partners, AVP and Alkeon. Summit Partners, Noshaq and Wallonie Entreprendre are selling some of their shares. Summit still remains Odoo’s main institutional shareholder.