New York-based business operations software provider Odeko, which specializes in the coffee shop and cafe solutions, said it raised $96 million through its latest Series E funding round.
In addition to the $96 million bump led by the venture capital firm B Capital the company announced a $30 million credit facility from Bank of California, as well as its acquisition of a New York-based small business insurance startup called Butter Insurance.
The Series E round follows a $53 million funding round for Odeko in 2023, bringing the company’s total equity financing to approximately $273 million since its founding in 2019.
The company — which provides tailored solutions for payments, point-of-sale, inventory, payroll and more — says it currently has more than 14,000 customers in the United States. Prominent coffee companies using Odeko services include chains such as Go Get Em Tiger, Gregorys Coffee, Joe Coffee, Aroma Joe’s, Birch Coffee and White Rhino.
Odeko said it will use the new funding to grow new services designed to result in cost savings for users, acquire additional businesses to expand market reach and product offerings, and add to its executive leadership.
“We’re excited to expand the Odeko ecosystem,” Dane Atkinson, the CEO and Founder of Odeko, said in a press release from the company. “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. With Odeko’s comprehensive solutions, our customers can focus on what they do best: serving their communities and creating a great customer experience.”
Comments? Questions? News to share? Contact DCN’s editors here. For all the latest coffee industry news, subscribe to the DCN newsletter.
Comment