We are pleased to announce our investment in Ordermark. Foundry Group Next 2018 led the $18M Series B financing the company is announcing today.
The restaurant industry is in the midst of significant disruption. 59% of restaurant orders from millennials are for takeout or delivery, and 60% of all US consumers order takeout or delivery once a week. Since 2014, online ordering and delivery have grown 300% faster than dine-in traffic, and over 200 online ordering services have been created to capitalize on this tremendous opportunity. Restaurateurs want to meet their customers where they are, but the complexity of collating, queueing, and fulfilling orders from numerous platforms bogs down kitchens and service staff, impeding their ability to maintain timeliness and a high quality product. Ordermark was created to address this problem.
Ordermark helps restaurants maximize profits by consolidating orders from multiple online ordering services to a single dashboard and printer located in the kitchen — the heart of a restaurant’s operations. They integrate their service with existing restaurant technologies, including Point of Sale (POS) systems, kitchen display systems, accounting tools, and last mile delivery companies. Restaurants are seeing increases in incremental revenue of 30% or more from using Ordermark’s technology. Ordermark works with small operations as well as many of the world’s top chains including Buffalo Wild Wings, Little Caesars, Papa Johns, and Sonic. The company is based in Los Angeles, California, with an office in Denver, Colorado.
We originally met Ordermark during the Techstars Boulder screening committee process, in which Seth and Jason are involved. We mentored them through the Techstars Boulder program and were excited when three of our partner funds – Matchstick, TenOneTen, and Techstars – invested in the Series A round.
We’ve continued to help, and the more we got to know CEO Alex Canter and his leadership team, the more we realized what an incredible platform they’re building. Alex is a fourth-generation owner of the world-famous Canter’s Deli. The product works in part because he and his team understand, from experience, the needs of the restaurant industry.
Ordermark falls into our Glue theme, connecting third-party ordering solutions and point-of-sale systems to help restaurants understand, consolidate, and grow their delivery businesses. We are excited to have Ordermark join the Foundry portfolio family.