- Ordermark — a leading provider of online ordering management solutions for restaurants and virtual restaurant concepts — announced it has closed $120 million in Series C funding led by Softbank Vision Fund 2
Ordermark — a leading provider of online ordering management solutions for restaurants and virtual restaurant concepts — announced it has closed $120 million in Series C funding led by Softbank Vision Fund 2 and joined by returning investor Act One Ventures. This round of funding will be used to help more restaurants transition to online ordering during the COVID-19 pandemic and beyond.
Ordermark’s online order management technology — which is used by thousands of independent and chain restaurants nationwide — consolidates mobile orders across online ordering services and sends them to a single printer — enabling omni-channel ordering and delivery.
And Ordermark also operates Nextbite, one of the earliest and fastest-growing pioneers in the virtual restaurant space. Through Nextbite, qualifying restaurants can offer popular delivery-only brands, including HotBox by Wiz (a partnership with Wiz Khalifa) out of their existing restaurant space. Powered by Ordermark’s technology, Nextbite’s turnkey delivery-only brands drives substantial incremental revenue growth for restaurants.
The rise of ghost kitchens and virtual restaurants (often referred to as the 3rd wave of food delivery) has been paving the way for a larger addressable market for online food delivery. And virtual brands empower independent restaurants to increase their revenue and profitability by offering virtual-only menus through online delivery channels. And since the start of COVID-19, Nextbite has launched 15 brands and has added over 1,000 delivery-only restaurants nationwide.
KEY QUOTES:
“2020 has been a tough year for restaurants and that’s why we’re focused on providing products and services to help keep their doors open. With 92% of restaurant traffic now off-premise, this funding gives us the opportunity to provide more restaurants with innovative ways to reach more consumers. The restaurant industry is in the midst of the e-commerce phase, where restaurants must get creative by embracing technology and new sources of revenue generation to reach customers outside of their four walls.”
— Alex Canter, Ordermark CEO and Co-Founder
“We believe Ordermark’s leading technology platform and innovative virtual restaurant concepts are transforming the restaurant industry. Alex and the Ordermark team have a deep understanding of the challenges that independent restaurants face. We are excited to support their mission to help independent restaurants optimize online ordering and generate incremental revenue from under-utilized kitchens.”
— Jeff Housenbold, Managing Partner at SoftBank Investment Advisers
