Odeko – an all-in-one operations partner for independent coffee shops, cafés, and other shops- announced that it has raised $53 million in Series D financing, bringing its total equity investment to $177 million. The funding 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.
Odeko is going to 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. And the company will also continue to scale its operations and enter new markets.
The Odeko platform helps about 10,000 independent businesses save up to 21% on the cost of goods and up to 10 hours a week of time spent on managing vendors. And Odeko currently serves 16 major markets via local delivery and the rest of the United States through e-commerce and other solutions. Over the last year alone, Odeko expanded into six new markets, including Miami, Portland, and Dallas.
KEY QUOTES:
“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.”
- Dane Atkinson, CEO and Founder, Odeko
“Odeko has very quickly established itself as the go-to operational partner for independent coffee shops and cafes across the U.S.. The company has proved to be a critical partner to the independent businesses it supports, streamlining operations and removing friction from day-to-day tasks. We look forward to supporting Odeko as they continue to scale their business.”
- Sami Ahmad, General Partner, B Capital
