Belgium-based Odoo has evolved from a humble countryside startup into a €5 billion SaaS European powerhouse, reshaping the global business software landscape. With an impressive $650M ARR, $393M in total funding, and a fiercely independent approach, Odoo’s success is anything but ordinary.
But how did it all happen? Its founder, Fabien Pinckaers, faced multiple failed businesses, near-bankruptcy, and countless VC rejections before Odoo’s meteoric rise. Yet, against all odds, he built one of the most successful SaaS companies in the world.
This story kicks off TFN’s brand-new series: Hustling Marvels by TFN, where every Monday, we spotlight a visionary founder and their extraordinary journey. Today, we dive deep into Odoo and the remarkable rise of Fabien Pinckaers.
From teen coder to global SaaS billionaire
Fabien Pinckaers’ journey into software began at the age of 13, when he developed business management software for a company called Les Transports Verts. This early success sparked his interest in problem-solving through technology. By the time he was studying Computer Science at Louvain-la-Neuve, he had already built several successful projects, including Auction-in-Europe, which surpassed eBay in the Belgian art market.
His most significant breakthrough came in 2002 with the launch of TinyERP. Initially a one-man operation, he handled everything from coding to customer support. Over the years, TinyERP evolved into OpenERP, and later, in 2014, it became Odoo, reflecting a larger ambition to create an all-in-one business software suite that was powerful, accessible, and scalable.
From the brink of bankruptcy to SaaS triumph
In its early years, Odoo (then TinyERP/OpenERP) struggled financially due to a free-to-use model, lack of external funding, and rapid growth without stable revenue. Despite gaining traction, its open-source approach failed to generate sustainable income, creating a cash flow crisis. Investor skepticism made things worse, as Fabien Pinckaers faced multiple VC rejections, forcing him to bootstrap the company. As demand for support and maintenance increased, financial instability nearly led Odoo to collapse.
To survive, Fabien pivoted the business model, introducing Odoo Enterprise, a paid version with premium features, while keeping the core software open-source. This stabilised cash flow, attracted major investors like Sequoia Capital and CapitalG and Fabien’s strategic shift ensured that Odoo not only survived but thrived, proving that the right business model can turn a struggling startup into a global success.
The company is now funded by CapitalG (Google’s growth fund), Sequoia Capital, BlackRock, Mubadala Investment Company, HarbourVest Partners, AVP, and Alkeon.
Building in India: A strategic move
In a bold and unconventional decision, Pinckaers moved to India with his family for a year to set up Odoo’s operations. He focused on expanding the company’s presence in tier-2 cities and so made Gujarat as his base, hiring and training local talent to build a cost-effective and efficient workforce. This move was instrumental in scaling Odoo’s global operations and now the company has around 800 employees over there.
Odoo has nearly 5,000 employees worldwide, with over 1,200 based in Belgium. Instead of hiring mid-level employees or managers, Odoo prefers training young talent from scratch. With 19 offices across the world, the company has also built a vast network of 7,500 partners, creating over 30,000 jobs in 130 countries.
No IPO, no titles: A founder who stays true to his vision
Unlike many startup founders aiming for an IPO or an acquisition, Fabien Pinckaers has made it clear he never wants to sell Odoo. He also believes that corporate titles are unnecessary, choosing a flatter, more dynamic company structure. His long-term vision for Odoo is to remain independent while continuously innovating in the enterprise software space.
The future of Odoo
Odoo was born in the Belgian countryside, far from traditional tech hubs, but has grown into a €5 billion enterprise with a projected €1 billion in billings by 2027. Today, it boasts a 40% annual growth rate and serves a global community of 13 million users. Pinckaers has also lived in the US and China and is a self made billionaire with a very global perspective to solving SaaS challenges.
Odoo’s unique company culture, commitment to independence, and exponential growth are disrupting the business software market. As it inches toward €1 billion in billings by 2027, Fabien Pinckaers and his team are proving that a bold, unconventional approach can lead to global SaaS dominance.
Fabien believes success isn’t just about a great idea: it requires obsession, dedication, and product-market fit. His focus on modular, open-source solutions allowed Odoo to scale globally, attracting a vibrant developer community and major investors. By 31, Fabien had turned his startup into a multinational powerhouse.
For the uninitiated, Odoo is an all-in-one business management software that provides a suite of integrated applications to help companies streamline their operations. It offers solutions for CRM, ERP, accounting, inventory, sales, HR, marketing, project management, e-commerce, and more, all within a single platform.
The company started as an open-source alternative to traditional ERP systems like SAP and Oracle, making enterprise software more accessible, flexible, and affordable for businesses of all sizes.
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