Fintech PR
Odoo S.A. announces a €500 million transaction, increasing the Belgian Unicorn’s valuation to €5 billion
LOUVAIN-LA-NEUVE, Belgium, Nov. 20, 2024 /PRNewswire/ — Odoo S.A., a leading provider of integrated business software, today announced a €500 million transaction led by CapitalG and Sequoia Capital, with participation from BlackRock, Mubadala Investment Company, HarbourVest Partners, AVP, and Alkeon. This secondary capital transaction reflects strong confidence in the company’s vision and impact. As part of the transaction, existing investors Summit Partners, Noshaq, and Wallonie Entreprendre are selling a portion of their shares; Summit will remain Odoo’s largest institutional shareholder.
This major transaction underscores Odoo’s leadership position in the SMB software ecosystem and strong, profitable financial profile. It also highlights the company’s continued momentum in reshaping the business software landscape with innovative, accessible solutions for companies worldwide.
Since its founding in April 2002, Odoo S.A. has been dedicated to developing and continuously enhancing a comprehensive suite of management software applications for small and mid-sized businesses. Today, with over 13 million users and currently adding more than 7,000 new clients each month, Odoo has built a strong presence in the industry. Known for its intuitive and user-friendly design, Odoo empowers companies to focus on what matters most: improving customer satisfaction, driving innovation, optimizing business processes, and scaling operations efficiently.
Odoo S.A. has achieved sustained annual growth of 40% and is projected to exceed €650 million in billings within the next 12 months, with a target of reaching €1 billion in billings by 2027. The company has strengthened its global presence by establishing 15 subsidiaries and building a network of 7,500 partners worldwide. With this latest investment, Odoo S.A.’s valuation has reached €5 billion.
“Fabien and his team have built a one-of-a-kind business from their ambitious vision for a unified suite of tightly integrated business apps,” said Alex Nichols, partner at CapitalG, the independent growth firm of Alphabet Inc., Google’s parent company. “Odoo’s powerful and easy-to-use suite of apps has won over customers across more than 100 countries and virtually every industry, as well as companies with anywhere from one to thousands of employees. The team’s two decades of dedication and long-term thinking has fostered a robust community of partners, contributors, and users that will serve as their foundation for years to come. We are thrilled to partner with Fabien and the rest of Odoo’s leadership team.”
“Odoo has built an outstanding software company with a unique culture, product suite, and ecosystem,” said Andrew Reed, partner, Sequoia Capital. “Odoo is a tremendous business already, and it feels like their best days are still ahead. Odoo has the long-term potential to transform the SMB software market and deliver enormous value to customers. We’re excited to partner with Fabien and the Odoo team for the long-term.“
The recent launch of Odoo 18, the most advanced iteration of the company’s software, on October 2nd, strengthens the company’s market position and enhances overall performance and customer experience.
“ERPs are traditionally expensive and resource-intensive to implement, often failing to meet the actual needs and evolving requirements of SMEs. We have developed a unique value proposition that is playing a pivotal role in the market” explains Fabien Pinckaers, founder and CEO of Odoo S.A.
This €500 million investment exemplifies the international recognition and trust that Odoo has garnered within the investment community. Following investments led by Summit Partners in 2019, 2021 and 2022, this latest round further highlights Odoo’s appeal to investors.
Faris Al Mazrui, Head of Growth at Mubadala, said “Odoo stands out as a prime example of innovation in global software, offering scalable, adaptable solutions that empower businesses in the digital and cloud transformation journey. With Mubadala’s expertise in software investments and the UAE’s role as a fast-growing tech hub, we see Odoo as an exceptional partner for companies adapting to cloud and AI megatrends. We’re excited to support their growth worldwide“.
“Odoo continues to deliver solutions that we believe are helping to transform the business software landscape – and they are doing so with impressive traction,” added Antony Clavel, a Managing Director at Summit Partners who has served on the Odoo Board of Directors since Summit’s initial investment in 2019. “We are delighted to welcome new investors and look forward to working together to support Odoo’s exciting growth trajectory.” Following this transaction, Summit remains Odoo’s largest institutional shareholder.
Odoo does not stop here. For 2025, the unicorn is already expecting many more opportunities and expansion projects, enhancing Odoo’s capabilities for research and development, and allowing accelerated innovation in its product offerings.
“We are expecting to open five new subsidiaries within the next three years across Europe, Latin America and Asia-Pacific,” said Sebastien Bruyr, Odoo S.A. Chief Commercial Officer. Odoo’s Chief Finance Officer, Alessandro Mazzocchetti, added, “I’m confident that Odoo will remain profitable in terms of EBITDA and Cash Flow as we expand our team and global reach. We will keep working hard to serve our customers and partners!”.
For Olivier Vanderijst, CEO of Wallonie Entreprendre (WE), “the visionary and strategic nature of Odoo’s management and the rigor with which it has implemented this vision have led to an incredible valuation of 5 billion euros, which has attracted the best investors in the world. This is why WE has signed this transaction, while remaining a shareholder in the company to support its future growth as a local player”.
J.P. Morgan SE acted as exclusive placement agent on this transaction.
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MUSCAT, Oman, Nov. 20, 2024 /PRNewswire/ — Future Fund Oman (FFO), the latest investment initiative under Oman Investment Authority (OIA), has announced its first batch of approved investment projects. With a combined value exceeding US$ 2 billion, these projects include US$ 1.6 billion committed by foreign investors and US$ 571 million contributed by FFO. The investments are expected to create more than 1,600 direct employment opportunities, marking a significant step forward in Oman’s economic diversification and development strategy.
The approved projects span ten key sectors, including technology, manufacturing, tourism, renewable energy, and electric vehicles. In addition, small and medium enterprises (SMEs) and startups will play a prominent role, with investments targeting food, health, financial technology, e-commerce, and more. This comprehensive approach reflects FFO’s commitment to fostering innovation and growth across a broad spectrum of industries, ensuring that both large-scale ventures and emerging businesses contribute to Oman’s economic progress.
Mulham Al Jarf, Deputy President for Investments at Oman Investment Authority, stated that these projects underscore the Fund’s dedication to fulfilling its strategic objectives. These include stimulating local economic growth, fostering collaboration with the private sector, attracting foreign investments, and creating opportunities for Omani businesses and job seekers. He emphasized that these projects represent just the beginning of FFO’s efforts since its establishment in January 2024.
Among the approved projects are transformative initiatives that position Oman as a leader in innovative industries. Notable projects include the United Solar Polysilicon Plant in the SOHAR Port and Freezone, which will be one of the largest polysilicon production facilities in the world and the first of its kind in the Middle East. This facility will produce 100,000 tonnes of polysilicon annually, a critical component for renewable energy industries such as solar panel manufacturing.
Other major partnerships include the IDG Oman Fund, developed in collaboration with China’s IDG Capital, which will focus on ICT, renewable energy, and electric vehicles. Additionally, FFO has also partnered with EW Partners to establish the EWP Oman Fund, which targets key sectors such as ICT, energy, tourism, and agriculture.
Future Fund Oman is also supporting a range of SMEs and startups in partnership with fund managers like Tanmia, ITHCA, Omantel, and Cyfr Capital. These include IO Kitchen, an innovative cloud kitchen featuring over 30 virtual brands; Bima, an online insurance brokerage service; and Qpay, the first licensed Omani entity offering a “buy now, pay later” service. Other groundbreaking projects include BcLear Aligner, an AI-powered solution for dental braces; Nashid, a blockchain-based digital identity platform; and Antom, a digital financial platform that enhances the capabilities of Oman’s fintech ecosystem.
FFO was established in collaboration with the Ministry of Finance with a capital of $5.2 billion, allocated over five years from 2024 to 2028. The Fund strategically excludes investments in oil, gas, and real estate, focusing on growth-oriented sectors aligned with Oman’s Vision 2040.
Interested investors are invited to submit proposals through the dedicated platform, https://futurefund.om/futurefund/
Media Contact:
Fahad Al Toubi
+968 24745781
[email protected]
www.oia.gov.om
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Fintech PR
Cardo AI announces $15mn Series A Funding Co-Led by Blackstone, FINTOP Capital and JAM FINTOP
New funding from Blackstone Innovations Investments, FINTOP Capital and JAM FINTOP will support Cardo AI’s expansion into the U.S. market and accelerate its mission to scale asset-based finance and private credit with modern technology.
MILAN, Nov. 20, 2024 /PRNewswire/ — Cardo AI, a next generation asset-based finance and private credit technology platform, has completed its $15mn Series A round. The investment was co-led by Blackstone Innovations Investments, Blackstone’s early-stage strategic investment arm, FINTOP Capital and JAM FINTOP. Andy Horwitz and Kevin MacDonald, co-founders of Black Mountain Systems, also participated in the round.
The $40 trillion asset-based finance and private credit market continues to operate with outdated systems, manual processes and fragmented data. As the market expands with increasingly complex investment strategies, Cardo AI is modernizing the sector’s operations with advanced portfolio modeling and collateral data management technology. The platform facilitates investment decision-making and portfolio monitoring of multi-strategy credit portfolios for industry stakeholders—from investors to banks and servicers—leveraging advanced software workflows, a powerful data engine and predictive AI algorithms. The platform also supports servicers, trustees and fund administrators in streamlining operations and reducing costs.
Founded in 2018, Cardo AI rapidly expanded its presence throughout Europe, with early support from Fasanara Capital, before entering the U.S. market earlier this year. Over the past few months, Cardo has onboarded several of the most sophisticated private credit and asset-based finance investors in the U.S. In addition to co-leading the Series A round, Blackstone is leveraging Cardo AI’s technology in its Credit & Insurance operations to support direct lending and asset-based finance transactions.
Co-leads FINTOP Capital and JAM FINTOP bring deep operating expertise and a strategic network of nearly 100 regional and community banks. Rick Kushel leads the investment for FINTOP and brings over three decades of experience building companies such as iLevel Solutions and DealCloud.
Altin Kadareja, Founder and CEO of Cardo AI: “Our expansion into the US market, supported by such prestigious institutions, highlights Cardo AI’s ability to deliver powerful technology for the alternative credit industry. We are excited to collaborate with new investors and are confident that our platform will play a significant role in scaling the market and enhancing operational excellence for our clients.”
John Stecher, Chief Technology Officer at Blackstone, said: “At Blackstone we have seen firsthand the rapid growth in alternative credit. To keep pace, the industry needs to move away from manual, spreadsheet-based processes to embrace scalable technology solutions. Our Credit & Insurance team has been impressed by Cardo AI’s robust portfolio management capabilities for complex instruments.”
Rick Kushel, Managing Partner at FINTOP Capital said: “We see enormous potential for Cardo AI to transform an industry that has been slow in adopting technological innovation. With decades of experience, their team brings the expertise needed to tackle the challenges this market faces. We are excited to support them in setting the standard in asset-based finance and private credit technology.”
About Cardo AI
Intelligent technology for the asset-based finance market. Cardo AI is a global fintech company with the mission to make the market more efficient, transparent, and accessible to all players. Using proprietary technology that integrates software, data, and intelligence Cardo AI accompanies banks, credit originators, servicers, asset managers, and asset owners throughout the entire process of asset based finance investments: from managing data, formulating predictive analytics, and optimizing portfolios. To date, more than $40 billion are managed through its technology platforms, drawing on a team of more than 120 talents.
For further information: www.cardoai.com.
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- DAMAC Islands was unveiled in style and culminated after a month-long global campaign featuring giveaways to travel destinations and marketing promotions by global celebrities and influencers.
- The project is the sixth master community in the DAMAC Properties’ portfolio, unveiling an island living theme inspired by most sought-after global island destinations
DUBAI, UAE, Nov. 20, 2024 /PRNewswire/ — DAMAC Properties, UAE’s leading property developer has announced the launch of DAMAC Islands, its third and largest master community unveiled this year and the sixth in its portfolio of master development projects. Nestled in the heart of Dubailand, DAMAC Islands offers a unique opportunity to live in a tropical-inspired haven that combines luxury living with the natural paradise of island life. This meticulously designed community is slated to be the perfect escape from the bustling city, providing residents with tranquility, rejuvenation, and connection within a peaceful and intimate setting.
The project was unveiled in an exquisite setting at Coca-Cola Arena on 19th November. Hussain Sajwani, Founder and Chairman of DAMAC Properties, Amira Sajwani, MD, DAMAC Properties and senior executives from DAMAC headlined the press and partner event. DAMAC unveiled the launch after a meticulously planned month-long campaign that included a special teasing campaign, ‘DAMAC Air’, where global audiences had an opportunity to win air tickets to their favourite travel destinations.
As part of its marketing efforts and to connect with customers, DAMAC also roped in globally acclaimed celebrities and influencers for the launch, including Bollywood megastar Amitabh Bachchan, Bollywood superstars Ranveer Singh, Sara Ali Khan, acclaimed two times boxing champion Amir Khan, English professional football coach John Terry, Lebanese actress Nadine Njeim amongst others.
Hussain Sajwani, Founder and Chairman of DAMAC Properties, said: “DAMAC Islands represents much more than a development; it is an invitation to experience an entirely new way of living that brings together luxury and wellness. This project embodies our vision of creating spaces where residents can find both escape and connection—an oasis that feels exclusive and warm. DAMAC Islands is a landmark of our commitment to innovation and our belief in Dubai as the ultimate destination for transformative, world-class living.”
DAMAC Islands takes inspiration from some of the world’s most sought-after island destinations, and will feature six clusters including the Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji. Masterfully blending the relaxed island aesthetic with modern splendour, the community aims at creating an oasis where indoor luxury will be harmonised with outdoor paradise, allowing residents to experience both worlds without leaving Dubai.
“An Island State of Mind” sets the tone for the DAMAC Islands experience, with amenities that elevate day-to-day life to a blissful retreat. From serene lagoons and cascading waterfalls to lush jungle rivers and an exclusive Aqua Dome with indoor aquatic activities, every element has been crafted to evoke the serenity of island living. Signature features include a hot springs spa, jungle swings, a bird park, and a mini-golf island, ensuring every resident finds an escape within this exclusive community.
Residents will also be able to enjoy gondola-style paddle boat rides, relax in hammock-laden tours across crystal-clear lagoons, rejuvenate in a hot spring natural spa, or unwind at unique dining venues overlooking turquoise waters. A wedding venue, a tortoise garden, a fresh fruit market and an exclusive Residents Clubhouse will also add to the charm of this sanctuary, making DAMAC Islands a perfect blend of leisure, luxury, and natural beauty.
A Prime Investment Opportunity
DAMAC Islands will offer a range of luxury villas and trendy townhouses, each designed with spacious layouts and breathtaking views. Property options include luxury Villas starting at AED 6.3 million for 6-bedroom layouts and AED 18.5 million for 7-bedroom layouts. Its townhouses category will include units selling for AED 2.25 million for 4-bedroom units and AED 3.1 million for 5-bedroom units.
DAMAC is offering an attractive 75/25 payment plan, with 75% payable during construction and 25% upon completion, making DAMAC Islands a compelling choice for families and investors seeking lifetime value in one of Dubai’s most promising master communities.
DAMAC Properties has significantly expanded its community development portfolio with the launch of Suncity and Riverside earlier this year, adding to its established communities of DAMAC Hills and DAMAC Hills 2, as well as the upcoming DAMAC Lagoons. Since its founding in 2002, DAMAC has launched over 75 towers and continues its dedicated growth, offering diverse living spaces and investment opportunities for discerning clients.
About DAMAC Properties
DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region and internationally, including in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, the United States, as well as the United Kingdom.
Since then, the company has delivered more than 47,000 homes with over 40,000 more in diverse planning and development phases. Joining forces with some of the world’s most eminent fashion and lifestyle brands to create tremendous living experiences, such as with Versace, Roberto Cavalli, or de GRISOGONO. With a consistent vision and momentum, DAMAC is building the next generation of luxury living across the globe.
Visit us at www.damacproperties.com
Follow DAMAC Properties on Facebook, X, Instagram, LinkedIn, and YouTube(@DAMACofficial).
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View original content:https://www.prnewswire.co.uk/news-releases/damac-properties-unveils-damac-islands-an-invitation-to-a-new-way-of-life-302311658.html
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