Odeko, a New York-based all-in-one operations partner for independent coffee shops, cafés, and other shops, announced that it raised $53 million in Series D financing, bringing its total equity investment to $177 million.
The round was led by existing investor B Capital and includes continued support from GGV Capital and Tiger Global Management. New investors, including Amex Ventures, KSV Global, and FJ Labs, also participated in the round.
The company will further invest in the technology behind its platform, which helps its 10,000 small business customers nationwide more efficiently order equipment and supplies from hundreds of vendors, manage inventory, and analyze data insights to save time and money. The company will also continue to scale its operations and enter new markets.
Dane Atkinson, CEO and Founder of Odeko said: "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 neighborhoods and communities. This capital allows us to do just that, and we are grateful to our investors for their continued support."
Odeko currently serves 16 major markets via local delivery and the rest of the United States through e-commerce and other solutions. In the last year alone, Odeko expanded into six new markets, including Miami, Portland, and Dallas.
Company: Odeko Inc.
Raised: $53.0M
Round: Series D
Funding Month: April 2023
Lead Investors: B Capital
Additional Investors: GGV Capital, Tiger Global Management, Amex Ventures, KSV Global, and FJ Labs
Company Website: https://odeko.com/
Software Category: Mobile Ordering and Supply Chain Management Software
About the Company: Founded in 2019 by Dane Atkinson, Odeko is an all-in-one operations partner that helps independent businesses save what matters most: money, time, and the planet. Its smart operations software optimizes supply chain management, empowering businesses to order exactly what they need from over 400 national and local brands, delivered direct-to-fridge, and shop, five to seven days a week. Odeko offers order-ahead functionality through its app and online for consumers looking to pre-order from their favorite local coffee shops and cafes. Odeko's mission is to help small businesses increase their revenue, lower their expenses, and reduce their environmental footprint. The company is already in 16 markets and supplies 10,000 independent coffee shops and cafes.
Source: https://www.prnewswire.com/news-releases/smart-operations-platform-odeko-secures-53m-series-d-investment-301799325.html