Oddle, an omnichannel F&B technology company, has announced the closing of a US$5 million funding. The financing was led by Altara Ventures, a technology venture capital firm headquartered in Singapore and investing across Southeast Asia.
As the start-up 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,” the company said in a statement.
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 3Q22.
“We are very happy that Altara has placed their trust in us, as the funds help us to expand our offerings across the region,” said Jonathan Lim, Oddle founder and CEO. “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.”
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.”
This fundraise comes on the back of strong growth for Oddle. In two years, it 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 saw over 17x increase in revenue over the same period and is now capital-efficient.
“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.
