Touchstone Partners has on Thursday announced that it is leading a consortium that has committed to investing $1 million in Oda, a Vietnam-based food procurement system for restaurants and suppliers that streamlines ordering, saves money, and reduces food waste.
In a statement, both parties said that Oda will use the capital to further build the core software technology, refine the app’s user interface, and improve big data analytics capabilities to better predict market trends and ingredient quantities.
Oda is a food and beverage (F&B) procurement and order management platform that connects buyers and suppliers of the fresh food market.
It helps HORECA businesses (Hotels, Restaurants, Cafes) order ingredients, food, and beverages easily and
conveniently.
Its software as a service (SaaS) solution provides hotels, restaurants, cafes, and bakeries an easy-to-use way to not simply order and purchase foods but to also understand, track, and analyze their purchasing trends better over time, potentially saving significant costs.
“Having previously worked in the hospitality industry, I understand first-hand the flaws in the ingredients supply chain for both suppliers and restaurants,” said Jin Lee, Founder and Chief Executive Office of Oda.
According to him, tt can be an inefficient process that generates an unnecessary amount of food waste, and he realized that a solution that digitalizes and streamlines ordering not only increases efficiency but also reduces wastage.
“I am excited to have Touchstone Partners and the other investors in this round on board,
“With their support, I am confident that Oda will be a game changer for the F&B industry in Vietnam and potentially beyond,” he added.
Founded in 2019, Oda has quickly become the leading business to business (B2B) F&B platform, connecting over 120 suppliers with almost 500 customers in Vietnam, including Baemin Kitchen, Belgo, and Lacaph.
The Oda team is currently building out the intuitive platform on the web and mobile app environments to serve the digital transformation of the purchasing process.
“The F&B industry is intensely competitive and price sensitive, and we believe Oda’s solution enables restaurants and suppliers alike to address a significant industry pain point, better utilize human and financial resources, and reduce spoilage and waste,” said Bobby Liu, Director of EiR at Touchstone Partners.
“It can also facilitate sustainable agriculture and help Vietnam’s farmers and food producers get their products into more venues,
“We’re impressed with what Jin and his team have developed to date as well as their ability to successfully navigate through the unprecedented challenges posed by covid last year, and we firmly believe in Oda’s enormous growth potential,” he added.
Touchstone Partners is a Vietnam-focused venture capital firm that aims to assist talented and driven founders to realize the potential of their businesses by applying their deep understanding of the Vietnamese market and utilizing a global network of connections.
Its current investment areas include fintech, real estate, health technology, educational technology and technology initiatives that improve the efficiency of the value chains of important industries such as production and agriculture.
Touchstone Partners aims to promote positive social development and set high standards for venture capital in Vietnam, proving that Vietnamese startups can deliver significant technology innovation and have a meaningful impact on society.
Touchstone Partners’ investment capital comes from Pavilion Capital, Vulcan Capital, and several major governmental and private financial institutions in the region and the world.