Fabien Pinckaers, CEO and co-founder of Odoo, told CNBC in an interview this week that his company didn't have a need to raise any primary capital as it is "cash profitable" and growing revenue at a rate of 50% year-over-year. Enterprise resource planning, he said, is "still a very fragmented market."

"The reason everybody [has] failed [in this market] is that it's quite complex," Pinckaers told CNBC. "Small companies have complex needs from accounting to inventory, to website, e-commerce, point-of-sale. It's a lot and they don't have budget, and they need something that is simple and affordable."

"Nobody succeeded to get both," he added. "You have complex products like SAP that run well for large companies. But it's complex and expensive."

Andrew Reed, partner at Sequoia Capital, added that the market Odoo is addressing "just requires more gestation time than most startups both because the core system is very complex, and making it simple to use for small businesses and various countries is no small feat."