New York-based Odeko will use the funding to upgrade its technology and scale across the US, enabling more independent coffee shops to optimise online ordering and streamline supply chain management
Odeko's latest funding round brings its total equity investment to $177m | Photo credit: Brooke Cagle
US hospitality software platform Odeko has raised $53m in Series D funding to invest in its technology, scale its operations and enter new markets.
Founded in New York in 2019, Odeko works with small businesses to optimise their mobile ordering capabilities and supply chain management. The company has approximately 10,000 customers in the US, many of which are small and independent coffee businesses.
Odeko said its platform, which enables coffee shops to order from over 400 national and local brands, delivered direct to store, can enable businesses to save up to 21% on the cost of goods and up to 10 hours a week of time spent on managing vendors.
Its latest funding round, led by existing investors B Capital, GGV Capital and Tiger Global Management, brings Odeko’s total equity investment to $177m.
“For the past four years, Odeko's mission has been to empower independent businesses. Today, that mission is as critical as ever. Our customers face countless operational and environmental challenges every day, and our goal is to ease their burden so that they can focus their time and resources on building the parts of their business they love, while serving their neighbourhoods and communities. This capital allows us to do just that, and we are grateful to our investors for their continued support,” said Dane Atkinson, CEO and Founder, Odeko.
Odeko currently serves ‘16 major US markets’ via local delivery services and manages a nationwide e-commerce channel.