When the global pandemic hit, many independent restaurants and shops lacked an online presence to keep operations running. Odeko, a 2019 startup founded by Dane Atkinson, aims to provide those businesses with supply chain management and other operational tools to stay functional. Their solution includes smart operations software to help customers manage inventory and order supplies and materials from more than 400 vendors in an efficient and cost-effective manner, while reducing their environmental footprint.
Currently, Odeko works with 10,000 small businesses and has seen over 300% yearly growth in revenue. The company claims that their tools can help customers save up to 21% on the cost of goods and 10 hours each week spent managing vendors. It is available in 16 markets locally and has expanded to several more in the past year, including Miami, Portland and Dallas. Furthermore, it is also accessible to the rest of the United States via online ordering and other services.
Recently, Odeko secured 53 million dollars in Series D financing, bringing their total equity investment to date to $177 million. The round was led by existing investor B Capital and also included input from GGV Capital, Tiger Global Management and Amex Ventures, KSV Global and FJ Labs. The company’s valuation was 25% higher than its previous round of 77 million dollars from Series C back in 2022.
This new found capital will be used to develop technology, expand their operations farther, plus tap into new markets. Atkinson believes these additions will prove the business model works and provide much needed support to small businesses.
Odeko helps small businesses make a larger impact with its efficient and cost-effective tools. The company has reached heights that have allowed it to problem solve and help those businesses unable to stay afloat during the pandemic. Now in 16 markets, with more than 10,000 customers served and revenue growing at over 300% a year, Odeko is proving to be an essential asset to the small businesses that rely on their help.
Dane Atkinson is the CEO of Odeko and founder of the 2019 startup. Having gone through the pandemic and supply chain crises, Atkinson’s priority is to help the small businesses save money, reduce the burden of managing vendors, and help keep their operations running. With the $53 million Series D financing, Atkinson is confident that the company can provide a greater number of resources and markets to those businesses in need.
