Ordermark raises $120m to help restaurants transition online

28th October 2020 (Last Updated October 28th, 2020 11:58)

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

Ordermark raises $120m to help restaurants transition online
Ordermark will use the new capital to help more restaurants transition to online ordering during the current Covid-19 pandemic and in the future. Credit: Nikola Stanisic / Shutterstock.

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

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.