Odeko, an all-in-one operations and technology partner for local coffee shops, cafes, and other food and beverage businesses, has successfully raised $126 million in a Series E funding round. This round includes $96 million in equity led by B Capital and a $30 million credit facility from Banc of California.

Company Overview

Founded in 2019 by serial entrepreneur Dane Atkinson, Odeko aims to empower small and medium-sized food and beverage businesses by streamlining their operations and supply chains. Atkinson, who serves as the company’s CEO, brings over three decades of experience in supporting SMBs and enhancing New York’s tech ecosystem.

Odeko’s platform currently supports over 14,000 independent establishments, including notable names like Aroma Joe’s®, Birch, Blank Street, Go Get Em Tiger, Gregorys, Joe Coffee, Van Leeuwen, and White Rhino.

Funding Details

• Total Raised: $126 million
• Equity Investment: $96 million led by B Capital
• Credit Facility: $30 million from Banc of California
• Total Funding to Date: Specific figures for total funding to date were not disclosed in the available sources.

Business Model & Future Plans

Odeko generates revenue by offering a comprehensive platform that allows independent food and beverage businesses to order supplies, track inventory, and manage vendor relationships efficiently. The company plans to utilize the new funding to:

• Expand Services: Introduce new offerings and cost-saving measures for customers.
• Strategic Acquisitions: Acquire businesses that can enhance market reach and diversify product offerings.
• Leadership Development: Strengthen its executive team to support accelerated growth.

Notably, Odeko has acquired Butter Insurance, a specialized platform providing tailored insurance solutions to local businesses, further enriching its service portfolio.

Market Impact & Competitors

This substantial funding positions Odeko to solidify its standing in the market, enabling independent businesses to compete more effectively against larger chains. By offering a unified platform that streamlines operations, Odeko addresses critical challenges faced by small and medium-sized enterprises in the food and beverage sector. Key competitors include companies like Toast, SpotOn, and Tillster, which also provide technology solutions to the foodservice industry.

Conclusion

Odeko’s recent funding round underscores its commitment to empowering independent food and beverage businesses. With plans to expand services, pursue strategic acquisitions, and enhance leadership, the company is well-positioned for sustained growth and innovation in the industry.