Singapore food tech startup Oddle raises $5m in pre-Series B funding

Oddle, the omnichannel F&B technology company headquartered in Singapore, announced raising $5 million in its pre-Series B funding round led by technology venture capital investor Altara Ventures.

As Oddle continues to disrupt and revolutionise the food technology industry in the Asia Pacific, funds from this bridge round will power product development and regional market expansion in Singapore, Malaysia, Taiwan and Hong Kong, according to the announcement.

The funds will help bring Oddle’s full suite of Online-To-Offline (O2O) solutions across the region, which currently comprises e-shop solutions, reservation systems, QR ordering systems and payment terminal solutions.

Completing the ecosystem are brand enhancement services such as managed marketing services and Oddle Eats, a food discovery platform used by millions of hungry consumers in Asia. Oddle has recently launched the consumer-based Oddle Eats app in Singapore, while the rollout of the app in other markets will follow in the third quarter of 2022.

This fundraise comes on the back of exceptional growth for Oddle. In two short years, Oddle has helped its restaurant partners grow their Gross Merchant Value from $21 million in 2019 to US$144 million in 2021.

At the same time, Oddle themselves achieved revenue of US$18 million in the financial year that ended March 2021, while maintaining a low burn multiple (below 0.1). This investment by Altara Ventures signifies Oddle’s steadfast position and sustainable business approach.

“We are very happy that Altara has placed their trust in us, as the funds help us to expand our offerings across the region. As restaurants’ revenue partner, it is essential to us that they do well. Over the past two years, despite the pandemic ravaging the F&B sector, we have empowered our partners to not only sustain through COVID-19 restrictions, but we have also helped many of them thrive, which in turn drove our own success.” says Jonathan Lim, Oddle’s founder and CEO.

Founded in 2014 as a white-labelled e-commerce provider for F&B operators, Oddle is now a holistic hospitality powerhouse. Oddle is the trusted partner of over 5,000 restaurants, cafes, bars, and hotels across the region. In September 2021, Oddle launched ‘Oddle Reserve’, an all-new reservation system to support F&B merchants in these challenging times.