Venture Capital: Ordermark Scores $120M In SoftBank-Led Series C Round
Ordermark provides online ordering management solutions for restaurants and virtual restaurant concepts.
Ordermark announced Tuesday its successful close of a $120 million Series C investment round led by SoftBank’s Vision 2 Fund. Existing investor Act One Ventures also participated in the round.
Ordermark will use the new funds to expand its services to more restaurants going online amidst the Covid 19 pandemic. (PYMNTS.com)
Restaurant technology service provider
Ordermark’s solution consolidates mobile orders from the major online-ordering service providers into a single control dashboard and connected printer. The system, therefore, enables omnichannel ordering and delivery.
The firm also owns Nextbite, a portfolio of virtual restaurant brands. It leverages the capacity at underutilized kitchens by generating orders for them.
Qualified restaurants, after vetting by Nextbite, can offer the Nextbite food brands out of their existing space. This adds another revenue stream to their business.
Ordermark CEO and founder Alex Canter is the fourth-generation owner and operator of Canter’s Deli. Canter’s is a world-renowned establishment in Los Angeles.
He was inspired to develop a system for managing online orders in 2013 after he opened up the deli to 14 online ordering services.
Later, he offered the technology to the food delivery and restaurant industry to monetize it.
COVID-19 thrusts restaurants into e-commerce
“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,” said Canter in a statement. “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,” Canter added.
Ordermark refers to ghost kitchens and virtual restaurants as a sign of “the third wave of food delivery.”
Its Nextbite virtual brands “empower independent restaurants to increase their revenue and profitability by offering virtual-only menus through online delivery channels.”
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