Singapore-headquartered F&B technology company Oddle announced today (May 18) that it has raised US$5 million funding in a pre-Series B round led by technology venture capital firm Altara Ventures.
According to Oddle, this new injection of funds will be used to power product development and regional market expansion in Singapore, Malaysia, Taiwan and Hong Kong.
The funds will help bring Oddle’s full suite of online-to-offline (O2O) solutions across the region, which currently comprises e-shop solutions, reservation systems, QR ordering systems and payment terminal solutions.
Completing the ecosystem are brand enhancement services such as managed marketing services and food discovery platform Oddle Eats.
Oddle has recently launched the consumer-based Oddle Eats app in Singapore, and will progressively roll it out in other markets in the third quarter of 2022.
“We are very happy that Altara has placed their trust in us, as the funds help us to expand our offerings across the region. As restaurants’ revenue partner, it is essential to us that they do well. Over the past two years — despite the pandemic ravaging the F&B sector — we have empowered our partners to not only sustain through COVID-19 restrictions, but we have also helped many of them thrive, which in turn drove our own success,” said Jonathan Lim, founder and CEO of Oddle.
“Oddle’s multitude of solutions and services enables each F&B operator to build meaningful engagements with their best customers through smart data. As the economy starts to open up, providing merchants with cutting-edge solutions and expertise to drive their profitability and future-proof their restaurants will be our main priority for the next few years to come.”
Oddle has seen strong growth despite COVID-19
Founded in 2014 as a white-labelled e-commerce provider for F&B operators, Oddle is now a holistic hospitality powerhouse that has partnered over 5,000 restaurants, cafes, bars, and hotels across the region.
Oddle fills the gap in the F&B industry by helping F&B owners improve and optimise 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 yield at minimal costs.
Within 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 themselves saw over 17 times increase in revenue over the same period, and is now “capital-efficient”, according to the company.
“Oddle makes money only when its partners are successful in increasing traffic and revenue. This ensures sustainability for both the company and its partners and is reflected in the company’s recent performance. The new products that Oddle is launching will further strengthen their offering as a key enabler of the F&B ecosystem,” said Seow Kiat Wang, General Partner of Altara Ventures.
Through their O2O ecosystem, Oddle is continuously building for the future of the restaurant industry and is now at a hypergrowth stage.
Featured Image Credit: Oddle