Market Overview

Ordermark Raises $120M in Series C Funding Led by SoftBank Vision Fund 2 to Help Independent Restaurants Thrive

Share:

Ordermark, one of the leading providers of online ordering management solutions for restaurants and virtual restaurant concepts, today announced the close of its $120M Series C funding round led by Softbank Vision Fund 2[1] and joined by returning investor Act One Ventures. The funding will be used to help more restaurants transition to online ordering during the COVID-19 pandemic and beyond.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201027005419/en/

(Photo: Business Wire)

(Photo: Business Wire)

"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 Alex Canter, Ordermark CEO and Co-Founder. "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."

Ordermark's online order management technology, used by thousands of independent and chain restaurants nationwide, consolidates mobile orders across online ordering services and sends them to a single printer -- enabling omni-channel ordering and delivery.

"We believe Ordermark's leading technology platform and innovative virtual restaurant concepts are transforming the restaurant industry," said Jeff Housenbold, Managing Partner at SoftBank Investment Advisers. "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 optimize online ordering and generate incremental revenue from under-utilized kitchens."

Ordermark also operates Nextbite, one of the earliest and fastest-growing pioneers in the virtual restaurant space. With Nextbite, qualifying restaurants can offer popular delivery-only brands, including HotBox by Wiz, a partnership with Wiz Khalifa, out of their existing restaurant space. Powered by Ordermark's technology, Nextbite's turnkey delivery-only brands result in substantial incremental revenue growth for restaurants.

The rise of ghost kitchens and virtual restaurants, often referred to as the 3rd wave of food delivery, have paved the way for a larger addressable market for online food delivery. Virtual brands empower independent restaurants to increase their revenue and profitability by offering virtual-only menus through online delivery channels.

Since the start of COVID-19, Nextbite has launched 15 brands and has added over 1,000 delivery-only restaurants nationwide.

About Ordermark: Ordermark (ordermark.com), founded in 2017, is one of the fastest-growing restaurant technology service providers in the mobile online ordering space. Ordermark helps restaurants increase efficiency and grow profits by aggregating mobile orders across all of the major online ordering service providers into a single dashboard and printer. Ordermark powers the technology behind Nextbite, one of the early pioneers in the virtual restaurant space. Nextbite's portfolio of virtual-only restaurant brands generates incremental orders for under-utilized kitchens.

Born in the kitchen of the world-famous Canter's Deli in Los Angeles by a fourth-generation restaurateur, Ordermark was built, tested, and refined from the perspective of a restaurant operator. Ordermark's thousands of customers include small, single-location restaurants and many of the world's top restaurant chains including Papa John's, Popeyes, Which Wich, and Yogurtland. The company is headquartered in Los Angeles with offices in Denver.

[1] As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com