Olo Announces $18M Investment by Tiger Global Management, LLC
NEW YORK--(BUSINESS WIRE)--Jan 9, 2019--Olo, the leading digital ordering and delivery platform for the restaurant industry, today announced that the company has received an investment of $18 million by Tiger Global Management, LLC, a New York based investment firm. The investment was structured using common equity held by long-term Olo employees, providing an opportunity for those team members to realize a monetary benefit in acknowledgment of Olo’s growing success in alignment with Tiger Global’s belief in the growth of the restaurant technology sector.
“Tiger Global’s investment is a testament to our achievements to date, and offers a way for long-term team members to realize the value of their hard work to build and grow Olo,” said Noah Glass, Founder & CEO of Olo. “We are thrilled to have Tiger Global as part of our investor base and look forward to working with them as we partner to grow digital ordering and delivery for the restaurant industry.”
“We have invested heavily in the restaurant technology industry as part of our focus on e-commerce and are very impressed with the work Olo has done to help restaurant brands benefit from digital ordering adoption by acting as their digital interface and technology backbone. We believe Olo has a long runway ahead,” said Scott Shleifer, Partner, Tiger Global Management.
Olo’s enterprise-grade software powers every stage of the digital restaurant transaction, from fully branded guest interfaces to the back-of-house order management features that keep the kitchen running smoothly. Orders from Olo are injected seamlessly into existing systems to help brands capture demand from on-demand channels such as brand direct websites and apps, third-party marketplaces, social media channels, and personal assistant devices like the Amazon Echo.
Olo is the on-demand interface for the restaurant industry, powering digital ordering and delivery for over 250 restaurant brands across 50,000 locations. Olo’s enterprise-grade software powers every stage of the digital restaurant transaction, from fully-branded guest interfaces to the back-of-house order management features that keep the kitchen running smoothly. Orders from Olo are injected seamlessly into existing systems to help brands capture demand from on-demand channels such as the brand’s website and app, third-party marketplaces, social media channels, and personal assistant devices like the Amazon Echo. Olo is a pioneer in the industry, beginning with text message ordering on mobile feature phones in 2005. Today, over 100 million consumers use Olo to order ahead and get meals delivered from the restaurants they love. Over half of the publicly traded restaurant brands engaged in digital ordering and delivery use Olo. Those clients include Applebee’s (DIN), Chili’s (EAT), Chipotle (CMG), Denny’s (DENN), Five Guys Burgers & Fries, Jamba Juice (JMBA), Noodles & Company (NDLS), Red Robin (RRGB), Shake Shack (SHAK), sweetgreen, Wingstop (WING), and more. Learn more at www.olo.com. SKIP THE LINE®
About Tiger Global Management:
Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm’s fundamentally oriented investments focus primarily on the global Internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry’s, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.
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ICR for Olo
Mary Nelson, 646.277.1219
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY RESTAURANT/BAR PROFESSIONAL SERVICES BANKING FINANCE RETAIL
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PUB: 01/09/2019 09:00 AM/DISC: 01/09/2019 09:01 AM