Olo, a US-based online and mobile ordering platform for restaurants, has raised $5m in its series B round from a consortium including auctioneer Ebay’s payments subsidiary, PayPal.
Alongside PayPal in the B round were venture capital firms Core Capital Partners and RRE Ventures and angel investor David Frankel, who seeded Olo and is now managing partner at Founder Collective.
Since the company’s founding in June 2005, Olo has raised $13.75m.
Hill Ferguson, vice-president of global product for PayPal, said: “With Olo, restaurants have an innovative way to accept prepaid online and mobile orders and reduce waiting times for their customers.”
Olo just reached two million end users, including restaurants as Five Guys Burgers & Fries and Cold Stone Creamery, doubling its total user base in less than 12 months.