The fast-growing omnichannel food tech company continues regional expansion after closing strong with 17x revenue growth in 2021
SINGAPORE, May 31, 2022 /PRNewswire/ -- Oddle, the leading omnichannel F&B technology company headquartered in Singapore, announced today the closing of a USD 5 million funding. The financing was led by Altara Ventures, a technology venture capital firm headquartered in Singapore and investing across Southeast Asia.
As Oddle continues to disrupt and revolutionise the food technology industry in the Asia Pacific, funds from this bridge round will 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 Oddle Eats, a food discovery platform used by millions of hungry consumers in Asia. Oddle has recently launched the consumer-based Oddle Eats app in Singapore, while the rollout of the app in other markets will follow 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." says Jonathan Lim, Oddle's founder and Chief Executive Officer.
He added: "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."
Redefining the F&B industry for restaurant owners
This fundraise comes on the back of exceptional growth for Oddle. In two short years, Oddle has helped its restaurant partners grow their Gross Merchant Value from US$21 million in 2019 to US$144 million in 2021. At the same time, Oddle themselves achieved revenue of US$18 million in the financial year that ended March 2021, while maintaining a low burn multiple (below 0.1). This investment by Altara Ventures signifies Oddle's steadfast position and sustainable business approach.
"I have known the founders since the early days of the company and have been impressed by their resilience in navigating through numerous challenges and in finally pivoting the business model to one that is very sustainable because of the alignment of interest with its restaurant partners.
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", says Seow Kiat Wang, General Partner of Altara Ventures.
Oddle is working towards redefining the F&B industry by combining empathy with technology. Oddle fills the gap in the market by providing accessible and affordable performance-driven solutions that help F&B owners improve and optimise their operations through smart data and meaningful engagement. Its "Always Restaurant First" philosophy informs its unconventional approach that chooses to differentiate itself from its competitors, designed to give each F&B operator maximum yield at minimal costs.
Providing future-proof expertise to clients
Founded in 2014 as a white-labelled e-commerce provider for F&B operators, Oddle is now a holistic hospitality powerhouse. Oddle is the trusted partner of over 5,000 restaurants, cafes, bars, and hotels across the region. In September 2021, Oddle launched 'Oddle Reserve', an all-new reservation system to support F&B merchants in these challenging times. This feature benefits restaurants, easing management of reservations, all whilst meeting the increased demand for seats. Within 6 months of the launch of this service, Oddle has transacted more than 100,000 covers in the region — the fastest F&B technology companies have seen to date.
This is just one example of Oddle's holistic suite of services and solutions, which helped merchants such as Beauty In The Pot, Les Amis Group and PizzaExpress, among others, achieve a healthy total Gross Merchandise Value despite the odds of the volatile changing F&B landscape posed by the COVID-19 pandemic. Through their O2O ecosystem, Oddle is continuously building for the future of the restaurant industry and is now at a hypergrowth stage.
"We faced many challenges amidst the pandemic, especially with the changing regulations on F&B restaurants. We were very happy to work together with a partner like Oddle, who understood the struggles we faced in the industry and provided us with holistic solutions that not only helped us remain sustainable during the pandemic but also made us future-ready. With their solutions, we are confident that we can thrive in the years to come," commented Sam Lim, Operations Director of the publicly-listed global brand PizzaExpress (Singapore franchise).
Oddle is an integrated omnichannel platform that empowers restaurants to deliver first-class experiences and engagements to their customers. Guided by an "Always Restaurant First" philosophy, our mission is to enable every restaurant to take charge of its future by connecting with its best customers through its comprehensive suite of technology solutions and digital services. Founded in 2014, Oddle is the platform of choice for more than 5000 restaurants in Singapore, Malaysia, Taiwan and Hong Kong. www.oddle.me
About Altara Ventures
Altara Ventures is a Southeast Asian VC fund focused on early-stage tech investments. The firm is led by general partners with extensive experience in founding, operating and investing in technology startups in Southeast Asia and globally.
Existing and new services provided by Oddle to merchants:
- Deliveries and takeaways
- Merchants are able to engage and re-engage their best customers with full control of their customer database, unlike other marketplaces.
- Power direct reservations
- Oddle provides merchants with a platform that is free, with no subscription fee or cover charge
- Contactless dine-in ordering
- Oddle provides merchants with a QR ordering solution that is free, with no subscription and set-up fees
- In-person card payments
- Payment terminal with competitive bank transaction rate and no annual fees
- Managed marketing services led by Oddle's in-house marketing consultants and performance strategists
Source: The Oddle Company