VC-backed OpenERP raises $10m

The company will rebrand as Odoo as part of its post-investment growth strategy.

The fresh financing will support the growth of staff headcount and an increase in R&D.

Previous funding
In 2010, Sofinnova committed €3m to the company to strenghten its team, increase distribution of its software and open an office in the US. 

Company
Founded in 2005 and based in Grand-Rosiere, Odoo is a business application software editor. The company has released open-source software for entreprise resource planning. It has a network of 550 certified partners spanning 100 countries. Odoo has more than 2,000 users.

People
Alain Tingaud is a venture partner at Sofinnova. Cyril Bertrand is a partner at XAnge.

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• Topics
• Benelux
• Technology
• Expansion
• Belgium
• XAnge Private Equity
• Sofinnova