Odeko Secures $126 Million in Series E Funding and Acquires Butter Insurance
Restaurant technology platform Odeko announced it has secured $126 million in Series E funding. The funding round was led by B Capital and Banc of California. In addition to the funding, Odeko has acquired the specialized insurance platform, Butter Insurance.
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Odeko offers an all-in-one technology platform targeting small and independent foodservice businesses, and the company is looking to broaden its service offerings. The platform enables businesses to order supplies, finance equipment, and now, with the acquisition of Butter Insurance, access insurance solutions.
“We’re excited to expand the Odeko ecosystem,” said Dane Atkinson, CEO and founder of Odeko, in a statement. “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.”
The platform is designed for smaller businesses to order supplies, finance equipment, and access insurance from a range of national and local brands, with direct-to-business delivery.
“With the new financing, we are acquiring businesses that will extend our market reach and expand our unparalleled suite of services to help independent businesses gain access to the unified buying power and technology of larger chains,” an Odeko spokesperson stated. Odeko already serves several coffee and café chains, including Aroma Joe’s, Birch, Blank Street, Gregory’s, Joe Coffee, Van Leeuwen, and White Rhino Coffee.
With the additional funding, Odeko will continue to expand its technology platform to incorporate more supplier offerings and favorable rates. Furthermore, the technology platform has announced additions to its executive team. Gautam Grover has been appointed president, and Ken Banas as CFO.
Joanna Fantozzi, Senior Editor at Nation’s Restaurant News and Restaurant Hospitality, contributed to this report. She has more than seven years of experience writing about the restaurant and hospitality industry.
