Olo, a US-based restaurant management platform backed by payment processor PayPal, is planning to raise at least $300m in an initial public offering, a person close to the matter told Bloomberg yesterday.
The IPO is expected to take place before the end of this year, and to value the company at about $1bn. It interviewed candidates for advisory positions late last year.
Founded in 2005, Olo has created a software platform that allows restaurants to run their own online ordering and delivery service in addition to more efficiently managing their back-of-house processes.
The product can integrate with existing systems and accept orders from branded apps and websites, social media, external consumer marketplaces and digital assistants. It serves some 300 customers in the food industry.
The company has raised a total of at least $53.8m in equity funding, boutique merchant bank Raine Group investing $40m in 2016. Investment firm Tiger Global Management subsequently bought $18m in shares from employees in a January 2019 secondary deal.
RRE Ventures, Founder Collective and Core Capital provided $7m in series A financing for Olo in 2008, reportedly taking its total funding at the time to $8.8m. PayPal joined RRE, Core Capital and fellow existing investor David Frankel to supply $5m in a 2013 series B round.
