The hospitality software platform will use the new investment to expand its range of services through new product development and acquisitions
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Odeko’s digital services platform for independent coffee and hospitality operators has raised more than $280m to date | Photo credit: Clay Banks
US hospitality software platform Odeko has raised $126m in a Series E funding round to scale its operations, acquire complimentary businesses and strengthen its leadership structure.
Founded in New York in 2019, Odeko works with small hospitality businesses to optimise digital operations, including mobile ordering and supply chain management. The tech firm works with more than 14,000 independent hospitality operators in the US, including prominent branded coffee chains Aroma Joe’s, Blank Street, Go Get Em Tiger, Gregorys, Joe Coffee and Van Leeuwen.
In a press release, Odeko said the funding will boost the support it can offer clients, enabling them to compete more effectively with large multi-site operators.
“We’re excited to expand the Odeko ecosystem. This new funding will allow us to offer an unparalleled suite of services to help independent businesses gain access to the unified buying power and technology of larger chains and thrive,” said Dane Atkinson, Founder and CEO, Odeko.
“Odeko is reimagining what it means to be the all-in-one operations and technology partner for independent businesses. The growth potential for Odeko as the partner of choice for local businesses is enormous, and we’re excited to be a part of that growth,” added Sami Ahmad, General Partner of B Capital, which led the funding round.
As part of its planned M&A activity, Odeko has acquired local business-focused insurance platform Butter Insurance for an undisclosed sum, a move it says will provide hospitality customers with comprehensive insurance solutions tailored to their needs.
Additionally, Odeko has strengthened its leadership team with the appointments of former Roland Foods Chief Strategy Officer Gautam Grover as President and ex-U.S. Foods and USG executive Ken Banas as Chief Financial Officer.
Odeko, which operates distribution facilities in 15 US states, has raised more than $280m to date, including a $53m funding round in April 2023. Alongside B Capital, the group’s investors include Balius Partners, Era Funds, FJ Labs, KSV, Tiger Global Management, Two Sigma Ventures and Primary Ventures.