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October 28, 2020

Ordermark raises $120m to help restaurants transition online

Ordermark, which offers online ordering management solutions for restaurants and virtual restaurant concepts, has raised $120m in a Series C funding round.

Ordermark, which offers online ordering management solutions for restaurants and virtual restaurant concepts, has raised $120m in a Series C funding round.

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Meet emerging digital demand in the foodservice industry

Global digital pressures are making waves across sectors. The foodservice industry is seeing particular impact as consumers change the way they operate. It is therefore essential to know how to navigate the challenges that digital is presenting to the industry and its consumers. GlobalData’s free report explores the market outlook for the global foodservice industry, with insights into how foodservice operators, brands, and their suppliers can meet changing demands. Key features in this report include:
  • An overview of dine-in, takeaway, and delivery forecasts up to 2026
  • Areas foodservice industry players should be focusing on for digital investment
  • Consumer insight into attitudes towards digital convenience
  • Challenges facing foodservice, in terms of investment and logical considerations
  • Key examples of top industry players
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The round was led by Softbank Vision Fund 2 with participation from returning investor Act One Ventures.

Ordermark will use the new capital to help more restaurants transition to online ordering during the current Covid-19 pandemic and in the future, it said.

The online order management technology developed by Ordermark enables omni-channel ordering and delivery. It is designed to consolidate mobile orders across online ordering services and send them to a single printer.

Ordermark co-founder and CEO Alex Canter said: “2020 has been a tough year for restaurants and that’s why we’re focused on providing products and services to help keep their doors open.

“With 92% of restaurant traffic now off-premise, this funding gives us the opportunity to provide more restaurants with innovative ways to reach more consumers.”

SoftBank Investment Advisers managing partner Jeff Housenbold added: “We believe Ordermark’s leading technology platform and innovative virtual restaurant concepts are transforming the restaurant industry.”

Ordermark also operates Nextbite, which allows restaurants to offer delivery-only brands out of their available restaurant space.

The company said that Nextbite launched 15 brands and added over 1,000 delivery-only restaurants in the US since the breakout of the pandemic.

Last month, Lunchbox partnered with Ordermark to develop connected solutions that help restaurants to expand their digital commerce abilities amid the Covid-19 pandemic.

Separately, Restaurant Brands International (RBI), which owns quick-service restaurant brands Burger King, Tim Hortons, and Popeyes, has announced the plans to modernise the drive-thru experience for its brands’ customers.

The company said this new initiative is underway at over 10,000 Burger King and Tim Hortons locations with the rollout scheduled for Popeyes locations later this year.

The efforts include installation of over 40,000 digital screens with ‘predictive selling’ technology and integration with restaurant loyalty programmes.

Additionally, RBI is also planning the launch of remote and contactless payment at its restaurant brands.

Free Report
img

Meet emerging digital demand in the foodservice industry

Global digital pressures are making waves across sectors. The foodservice industry is seeing particular impact as consumers change the way they operate. It is therefore essential to know how to navigate the challenges that digital is presenting to the industry and its consumers. GlobalData’s free report explores the market outlook for the global foodservice industry, with insights into how foodservice operators, brands, and their suppliers can meet changing demands. Key features in this report include:
  • An overview of dine-in, takeaway, and delivery forecasts up to 2026
  • Areas foodservice industry players should be focusing on for digital investment
  • Consumer insight into attitudes towards digital convenience
  • Challenges facing foodservice, in terms of investment and logical considerations
  • Key examples of top industry players
Adapt and stay on top. Download our free report now.
by GlobalData
Enter your details here to receive your free Report.

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