Home News Briefs The Raine Group provides $40 mln to Olo
The Raine Group provides $40 mln to Olo
New York City-based Olo, a provider of digital ordering and delivery solutions for multi-location restaurants, has raised $40 million in funding. The investor was The Raine Group.
NEW YORK—January 21, 2016 – Olo, the industry leader in digital ordering and delivery solutions for multi-location restaurants, today announced a $40 million minority investment from The Raine Group, a global merchant bank focused exclusively on technology, media, and telecommunications. The funds will be used to continue Olo's rapid growth and to further enhance and develop its offerings.
Olo's digital commerce platform powers mobile, web, and telephone ordering for over 150 major restaurant brands, representing over 20,000 stores nationwide. The company's platform offers the industry's best reliability, security, and performance and is integrated with the market leading point-of-sale, payment processing, and loyalty solutions. In addition to its enterprise-grade ordering engine, Olo offers fully branded sites and mobile apps so that customers can receive faster, more accurate, and more personal service at the restaurants they love, while empowering restaurants to maximize revenue per square foot.
"Our goal is to build a major independent company that helps to reinvent the way restaurants and other local retailers do business in the digital age," said Noah Glass, Olo Founder & CEO. "We're thrilled that Raine shares our vision and look forward to utilizing its significant experience in the technology space to further grow our business to the benefit of our restaurant partners and their customers."
In connection with the transaction, Colin Neville and Brandon Gardner of The Raine Group will join the Olo Board. "Olo was ahead of its time when it envisioned a digital ordering engine in 2005 and through years of developing its product and building relationships with leading restaurant brands has established itself as the industry leader," said Mr. Neville. "Now, with secular tailwinds driving the inevitable shift to digital ordering, Olo's users and sales volume are both more than doubling on an annual basis. We see a long runway in the firm's core ordering platform and believe its new initiatives will resonate with clients. Olo is extremely well positioned and we are delighted to partner with Noah and the team."
Dispatch, Olo's latest venture, provides restaurant operators with the ability to add on-demand delivery to their digital ordering program without having to build their own delivery fleet. Dispatch facilitates access to a growing national network of independent Delivery Service Providers (DSPs) through a single system. For each new delivery order, Dispatch collects real-time price quotes, chooses the best available, and extends the option to the consumer. Restaurants are enabled to rapidly deploy delivery at scale with a service that is fully integrated into their point-of-sale platform and kitchen production systems, all while maintaining a sovereign relationship with guests on their own digital ordering properties. Learn more about Dispatch here.
About Olo
Olo helps restaurant brands maximize revenue per square foot by delivering faster, more accurate, and more personal service to their customers. Through beautiful, fully branded digital interfaces, Olo's enterprise-grade ordering platform integrates with the restaurants' existing systems, seamlessly opening new digital revenue streams. Olo is a pioneer in the industry, beginning with text message ordering on mobile feature phones in 2005. Today, over 18 million consumers use the Olo platform to order ahead and Skip the Line® at the restaurants they love. Clients include Baskin-Robbins (DNKN), Chipotle (CMG), Five Guys Burgers & Fries, Jamba Juice (JMBA), Noodles & Company (NDLS), sweetgreen, Wingstop (WING), and more. Learn more at Olo.com.
About The Raine Group
The Raine Group is a global merchant bank focused exclusively on technology, media, and telecommunications. Raine has in excess of $2 billion in assets under management. The firm has offices in New York, San Francisco, Los Angeles, London, and Shanghai. With a global reach, Raine focuses on investment and advisory opportunities where its deep industry experience and unique network of strategic relationships can create value for portfolio companies and clients. For more information visit http://www.raine.com.