Odeko, an all-in-one operations and technology partner for over 14,000 independent coffee shops, cafés, and other food and beverage establishments, has raised $126 million in a Series E funding round. This round comprises $96 million in equity, led by B Capital, and a $30 million credit facility from Banc of California.
Investor Participation
The equity funding was led by B Capital, with participation from existing investors such as GGV Capital and Tiger Global Management. New investors, including Amex Ventures, KSV Global, and FJ Labs, contributed to this round.
Strategic Allocation of Funds
Odeko plans to utilize the new capital to:
- Enhance service offerings: Develop new services and implement cost-saving measures for customers.
- Expand through acquisitions: Acquire businesses that will extend its market reach and product offerings.
- Strengthen leadership: Build out its leadership team by bringing in industry experts.
These initiatives aim to support small and mid-size food businesses, enabling them to compete effectively alongside large global brands.
Company Background
- Founded: 2019
- Headquarters: New York, NY, USA
- Services: Odeko offers a platform that optimizes supply chain management, allowing businesses to order exactly what they need from over 400 national and local brands. The platform also provides tools for online ordering, inventory management, and customer engagement.
Founder and CEO
Dane Atkinson, a serial entrepreneur with a career spanning over three decades, is the CEO and Founder of Odeko. His previous ventures include roles as CEO of Squarespace and co-founder of SumAll, a data analytics company. Atkinson is dedicated to supporting small and medium-sized businesses and strengthening New York’s tech ecosystem.
Customer Base and Impact
Odeko serves over 14,000 customers, including local businesses with a regional or national presence, such as Aroma Joe’s, Birch, Blank Street, Go Get Em Tiger, Gregorys, Joe Coffee, Van Leeuwen, and White Rhino. Through the Odeko portal, customers can purchase supplies, track ordering trends, and finance equipment, leading to increased revenue, reduced expenses, and significant savings on the cost of goods and time spent on vendor management.
Recent Acquisition
As part of its expansion strategy, Odeko has acquired Butter Insurance, a specialized insurance platform for local businesses. This acquisition provides Odeko’s customers with access to comprehensive, cost-effective insurance solutions tailored to their needs.
Executive Insights
“This new funding will allow us to offer an unparalleled suite of services to help independent businesses gain access to the unified buying power and technology of larger chains and thrive,” said Dane Atkinson, CEO and Founder of Odeko.
Industry Perspective
“Odeko is reimagining what it means to be the all-in-one operations and technology partner for independent businesses, making it easier and more affordable to run the local spots we all know and love,” said Sami Ahmad, General Partner and Deputy CIO at B Capital. “The growth potential for Odeko as the partner of choice for local businesses is enormous, and we’re excited to be a part of that growth.”
