ORDERMENTUM SECURES POWERHOUSE INVESTORS

Written on the 7 June 2016

ORDERMENTUM SECURES POWERHOUSE INVESTORS

TOP investors, entrepreneurs and corporate heavyweights have backed food and beverage startup Ordermentum to the tune of $2.5 million.

The Sydney-based platform raised the capital in a Series A round to grow market share in the multibillion-dollar B2B transaction market.

Investors include Nudie Juices co-founder and Ten Network chairman David Gordon, director of Cochlear, Westpac and IAG Alison Deans and Radiata co-founder David Skellern.

Launched in 2014 by Andrew Low and Adam Theobald, Ordermentum is a web-based ordering and payments platform for the food and beverage industry.

Retailers place and pay for supply orders using a mobile solution, while reminders, pricing, promotions and payment terms allow suppliers to integrate paid orders into accounting systems automatically.

Low says there hasn't been a single solution that benefits both retailers and suppliers until now.

"Incredibly, there are over 60 million orders placed every year between supplier and retailers in the food and beverage sector," Low says.

"I am excited that Ordermentum is delivering business efficiencies, growing sales and improving relationships for both sides of the F&B network."

Theobald says the team is looking to drive growth over the next 12 months under the guidance of its board and advisors.

"It was very humbling for us to receive such a positive response from Australia's best tech investors during our fundraising process," Theobald says.

"The Ordermentum growth profile last year was staggering and we are extremely excited to build a fantastic team around the response we are receiving from the market.

"It's a simple equation from here; great people putting together a simple technical solution for a big problem."

There are more than 60,000 cafes, bars and restaurants in Australia placing over 60 million supply orders every year valued at just under $30 billion. Ordermentum has already enlisted 3000 businesses.

Gordon, also appointed as independent chairman, says Ordermentum has all the makings of a successful business venture.

"For a long time now, consumer products have taken the lime light when it comes to innovation and investment over business to business opportunities," Gordon says.

"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."

Capital Markets Technology led the round, joining existing Ordermentum shareholders VOCUS Communications (ASX:VOC) founder James Spenceley and Reckon (ASX:RKN) founder Greg Wilkinson.

Image: Adam Theobald, David Gordon, Andrew Low.

 


Latest News

OROTON GOES CLICKS AND BRICKS AS PROFITS SLIDE

TWO former Aussie lawyers have turned their passion for fashion into a $15 million dollar international business six ...

MANTRA'S SHARE PRICE SURGE INDICATES 'SUITORS ARE CIRCLING' THE HOTEL GROUP

THE rumour mill surrounding a high-level takeover of Mantra Group (ASX: MTR) is in full production with its shares su...

MELBOURNE CBD GEMS SELL FOR $17 MILLION, MARKING A NEW PROPERTY HOTSPOT

LITTLE Lonsdale Street in the heart of Melbourne's CBD has become a favourite for investors in 2017, following th...

CAN GOOGLE RECOVER FROM GLOBAL CONTROVERSY OVER ITS PROGRAMMATIC ADVERTISING SYSTEM?

IT'S the story that has rocked the world of advertising. The lucrative Google (NASDAQ: GOOGL) advertising system ...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter