Oddle raises $5M to fuel product development and regional expansion
Singapore-based F&B technology company Oddle announced today (May 18) that it has raised US$5 million in funding in a pre-Series B funding round led by the technology venture capital firm Altara Ventures.
According to Oddle, this new injection of funds will be used to fuel product development and regional market expansion in Singapore, Malaysia, Taiwan and Hong Kong.
The funds will help bring Oddle’s full range of online-to-offline (O2O) solutions across the region, which currently includes online store solutions, reservation systems, QR ordering systems and payment terminals.
The ecosystem is complemented by brand enhancement services such as managed marketing services and the food discovery platform Oddle Eats.
Oddle recently launched the consumer app Oddle Eats in Singapore and will gradually roll it out to other markets in Q3 2022.
“We are very pleased that Altara has placed their trust in us, as the funds help us expand our offerings throughout the region. As the revenue partner of restaurants, it is essential for us that they succeed. Over the past two years – despite the pandemic ravaging the F&B industry – we have not only empowered our partners to withstand COVID-19 restrictions, but we have also helped many of them thrive, which in turn drove our own success,” Jonathan said. Lim, founder and CEO of Oddle.
“Oddle’s multitude of solutions and services enable every F&B operator to create meaningful engagements with their best customers through intelligent data. As the economy begins to open up, providing merchants with industry-leading solutions and expertise to drive their profitability and future proof their restaurants will be our top priority for the next few years to come.
Oddle has seen strong growth despite COVID-19
Founded in 2014 as a white-label e-commerce provider for F&B operators, Oddle is now a holistic hospitality powerhouse that has worked with over 5,000 restaurants, cafes, bars and hotels across the region.
Oddle fills the void in the F&B industry by helping F&B owners improve and optimize their operations through smart data and meaningful engagement.
Its “Always Restaurant First” philosophy differentiates itself from its competitors, as it aims to give each F&B operator maximum return at minimum costs.
In two years, Oddle has helped its restaurant partners grow their gross merchandise volume (GMV) from S$30 million in 2019 to S$200 million in 2021.
Oddle itself has seen its revenue increase more than 17 times over the same period and is now “capital efficient”, according to the company.
“Oddle only makes money when its partners are successful in increasing traffic and revenue. This ensures the sustainability of the company and its partners and is reflected in the company’s recent performance. New products launched by Oddle will further strengthen its offering as a key enabler of the F&B ecosystem,” said Seow Kiat Wang, General Partner of Altara Ventures.
Through its O2O ecosystem, Oddle is continuously building for the future of the restaurant industry and is now in a hypergrowth stage.
Featured image credit: Oddle