Odeko, a New York – based provider of business operations software that focuses specifically on solutions for coffee shops and cafes, has declared that it has successfully secured $96 million through its most recent Series E funding round.
This significant financial boost, led by the venture capital entity B Capital, is not the only development. The company also announced a $30 – million credit facility sourced from the Bank of California. Additionally, Odeko has made an acquisition, purchasing Butter Insurance, a New York – based startup specializing in small – business insurance.
The Series E funding comes on the heels of a $53 – million funding round that Odeko achieved in 2023. Since its establishment in 2019, this latest round has pushed the company’s total equity financing to approximately $273 million.
Odeko offers customized solutions encompassing various aspects such as payments, point – of – sale systems, inventory management, and payroll. The firm claims to currently serve over 14,000 customers across the United States. Among its clientele are well – known coffee companies, including chains like Go Get Em Tiger, Gregorys Coffee, Joe Coffee, Aroma Joe’s, Birch Coffee, and White Rhino.
The company has outlined its plans for the new funds. Odeko intends to develop new services aimed at helping users save costs. It also aims to acquire additional businesses to broaden its market presence and expand its product portfolio. Furthermore, the company plans to strengthen its executive leadership team.
Dane Atkinson, the CEO and Founder of Odeko, stated in a company press release, “We are thrilled to expand the Odeko ecosystem. This new influx of capital will enable us to present an unrivaled set of services. These services are designed to assist independent businesses in accessing the combined buying power and technology typically available to larger chains, thus enabling them to prosper. With Odeko’s all – inclusive solutions, our customers can concentrate on their core competencies: serving their local communities and delivering an outstanding customer experience.”
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