Coffee Shop Business Solutions Provider Odeko Raises $53 Million More
Coffee shop inventory management and ordering solutions provider Odeko has closed a $53 million Series D funding round, bringing the company’s total funding up to approximately $177 million.
Since its launch in 2019 and a pandemic that spurred mobile and touch-free ordering throughout the coffee industry, Odeko has expanded its inventory management services for local delivery into 16 United States markets, while its e-commerce solutions are available throughout the country.
The New York City-based company says it has approximately 10,000 clients in the U.S., with a focus on small coffee businesses.
The newest funding round includes investments from Amex Ventures, KSV Global and FJ Labs, as well as from existing Odeko investors GGV Capital and Tiger Global.
In 2020, the company merged with fellow coffee-industry-focused software provider Cloosiv while generating $12 million and relaunching core products under the Odeko name.
According to an announcement from Odeko today, the new funding will go towards further technology development, scaling operations and entering new markets.
The company claims its inventory management solutions save businesses up to 21% on costs of goods while reducing time spent managing vendors. For its mobile ordering and payment processing solutions, Odeko charges a 5% fee on transactions.
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Daily Coffee News Staff
Source: Daily Coffee News