Odoo, formerly OpenERP, a Grand-Rosière, Belgium-based provider of an integrated open source business software, raised $10m in funding.
Backers included venture capital firms XAnge (France), SRIW (Belgium), Sofinnova Partners (France), and the management team.
The company intends to use the funds for its R&D efforts (growing the staff to over 100 people) and commercial growth.
Founded in 2005 by Fabien Pinckaers, Odoo provides business application software with 25 main applications. In addition, the community, comprised of more than 1,500 active members, has contributed more than 3,000 apps to cover a wide variety of business needs. A network of 550+ certified partners, established in more than 100 countries, deploys the solution locally.
The rebranding aims to better reflect the company’s expanded areas of focus in CMS & Ecommerce and POS applications beyond the core ERP function.