Odeko, the all-in-one operations partner for independent coffee shops, cafés, and other shops, announced it raised $53 million in Series D financing, totaling $177 million in equity. Existing investor B Capital led the round Amex Ventures, KSV Global, FJ Labs, GGV Capital, and Tiger Global Management also participated.
The capital will be used to further the technology behind its platform, which helps small business customers nationwide to order equipment and supplies from hundreds of vendors, manage inventory, and analyze data insights to save money and time. Besides scaling its operations, the company will also expand into new markets.
"Odeko has very quickly established itself as the go-to operational partner for independent coffee shops and cafes across the U.S.," said Sami Ahmad, General Partner, B Capital. "The company has proved to be a critical partner to the independent businesses it supports, streamlining operations and removing friction from day-to-day tasks. We look forward to supporting Odeko as they continue to scale their business."
Approximately 10,000 independent businesses use Odeko helping them save up to 21% on their purchasing costs and up to 10 hours per week managing vendors. Odeko currently serves 16 major markets via local delivery and the rest of the United States through e-commerce and other solutions. In addition, Odeko expanded into six new markets, including Miami, Portland, and Dallas, just last year.
"For the past four years, Odeko's mission has been to empower independent businesses. Today, that mission is as critical as ever. Our customers face countless operational and environmental challenges every day, and our goal is to ease their burden so that they can focus their time and resources on building the parts of their business they love, while serving their neighborhoods and communities. This capital allows us to do just that, and we are grateful to our investors for their continued support" said Odeko's CEO Dane Atkinson.
Global retail and restaurant tech investments raised $3.6 billion in total funding in 2022.