Singapore-based food ordering platform Oddle has secured $718,000 (S$1 million) in its latest fundraising round.
The round was led by by East Ventures and former Warner Music Asia Pacific CEO Holly Tan. According to Singapore tech blog e27, Oddle had already received an undisclosed angel investment in August 2014. It also disclosed plans to raise further funding in another fundraising round schedule for March 2015.
Launched in March 2014 by Lim Ze Yan, Pua Yong Xiang and Jeremy Lee, Oddle’s concept is of a B2B SaaS company in the F&B vertical, managing the logistics of online deliveries and pick-ups for the restaurants that are its customers. In addition to the logistics management, the data of its deliveries also enables the restaurants to gain insights into behaviour and trends among its customer base.
This latest round of funding will be invested in market entry and expansion in key markets like Hong Kong, as well as major cities in Vietnam, Taiwan and Indonesia. The capital will also be invested into further product development, with the addition of multiple language functions and stronger back-end infrastructure to support the increased volume of orders expected.
Since launching, the startup has built significant traction, claiming to have facilitated over S$2 million worth of transactions and with 350 merchant outlets signing up in markets like the United States, Singapore, Hong Kong and Vietnam.
Gearing on with a momentum of 20 per cent month-on-month growth, it is currently ranked first in Google search results for “online food ordering system” in Singapore, Hong Kong and Vietnam, and within the first page results for the global market.
Its unique value proposition, coupled with its affordable subscription model, has attracted a sizeable portfolio of over 200 brands in less than a year. This includes established brands such as The Soup Spoon, Paul, Mr Bean, Pizza Express and Yumcha restaurants.
“The team managed to nail one the most pressing problems faced by F&B businesses. This unique approach of solving an existing business process problem creates a compelling proposition, as compared to generating a new demand altogether” said Willson Cuaca, managing oartner of East Ventures.