AAA Ordermark organises $120m series C

Ordermark organises $120m series C

Internet and telecommunications group SoftBank’s Vision Fund led a $120m series C round on Tuesday for US-based online ordering technology provider Ordermark that included venture capital fund Act One Ventures.

Ordermark has created software that enables restaurants to manage online orders, integrating mobile orders from a variety of online platforms into a single printer-based single system where they can be more efficiently organised by a restaurant.

The company was formed within Hollywood eatery Canter’s in 2017 and also runs a virtual kitchen brand called Nextbite which enables partnering restaurants to offer additional choices through their menus. It has launched 15 brands under its umbrella spanning 1,000 delivery-only restaurants.

Alex Canter, co-founder and chief executive of Ordermark, said: “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.”

Jeff Housenbold, managing partner for SoftBank Investment Advisers, which manages Vision Fund, added: “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 optimise online ordering and generate incremental revenue from under-utilised kitchens.”

The company has now raised more than $150m in total, including $3.1m in a March 2018 seed round led by TenOneTen Ventures and backed by Act One Ventures and Mucker Capital.

The seed investors returned for a $9.5m series A round six months later alongside Nosara Capital, Vertical Venture Partners, RiverPark Ventures, Techstars Ventures and Matchstick Ventures.

Ordermark then completed an $18m series B round led by Foundry Group in July 2019 that also featured TenOneTen Ventures, Vertical Venture Partners, Mucker Capital, Act One Ventures and Nosara Capital.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.

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