The increasingly crowded foodtech sector has another serious new player after B2B startup Ordermentum pulled together a bluechip lineup of investors to raise $2.5m in Series A funding.
Started two years ago, Ordermentum is a web-based ordering and payments platform for the food and beverage industry, hoping to capture a slice of $30 billion spent in 60 million orders placed every year between supplier and retailers in the sector.
Among those tipping in cash for the latest raise are Nudie Juices co-founder and Ten Network chairman David Gordon, Westpac and IAG director Alison Deans, and Radiata co-founder David Skellern.
Capital Markets Technology led the round, adding those names to a book that already includes Vocus Communications CEO James Spenceley and Reckon founder Greg Wilkinson.
Ordermentum founders Andrew Low and Adam Theobald are hoping the efficiency gains delivered by their tech will be irresistible to the hospitality sector.
Low is a former MD of Toby’s Estate Coffee, while Theobald co-founded the coffee ordering app, Beat the Q, now rebranded as Hey You.
The startup already has 3,000 businesses on board, and impressively, drinks giant Lion was the platform’s second customer.
Low says the platform lets retailers place and pay for orders via one mobile solution. It includes customised reminders, pricing, products, promotions and payment terms that allow the suppliers to integrate paid orders automatically into their existing accounting system and business processes.
“Until now there has been no single solution that significantly improves these manual tasks for both parties. I am excited that Ordermentum is delivering business efficiencies, growing sales and improving relationships for both sides of the F&B network,” Low said.
To steer the business through its growth, David Gordon, who co-founded e-commerce business ShippingEasy, is chairing the board.
Gordon said its good to see a B2B product in the limelight.
“I love business solutions that address real world problems in a substantial market. Ordermentum is a great example of exactly this, where a great team in Andrew and Adam are creating a win win for all market participants,” he said.
Theobald said demand for the product and the faith show by some of Australia’s best tech investors was humbling.
“It’s a simple equation from here; great people putting together a simple technical solution for a big problem. With the guidance of our board and advisors, we are really excited about the next 12 months,” he said.