Oddle, an omnichannel food and beverage (F&B) technology company headquartered in Singapore, announced on Wednesday the closing of a $5 million funding. The financing was led by Altara Ventures, a technology venture capital firm headquartered in Singapore and investing across Southeast Asia.
Funds from this bridge round will power product development and regional market expansion in Singapore, Malaysia, Taiwan and Hong Kong, the company said in a statement.
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.
“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,” Oddle Founder and Chief Executive Officer Jonathan Lim said.
“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,” he added.
This fundraise comes on the back of exceptional growth for Oddle. In two years, Oddle has helped its restaurant partners grow their Gross Merchant Value from S$30 million in 2019 to S$200 million in 2021.
At the same time, Oddle themselves saw over 17 times increase in revenue over the same period and is now capital-efficient. This investment by Altara Ventures signifies Oddle’s steadfast position and sustainable business approach, the company said.
“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.
Founded in 2014, Oddle is the platform of choice for more than 5000 restaurants in Singapore, Malaysia, Taiwan and Hong Kong. Oddle is the partner of over 5,000 restaurants, cafes, bars, and hotels across the region.