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Odeko Raises $96M to Help Independent Food Businesses, Cafes, and Coffee Shops Compete With Global Chains With Technology
- Odeko raises $96M to empower independent food businesses and cafes to compete with global chains using technology, addressing operational inefficiencies and high costs.
- The company's platform streamlines operations, offers unified purchasing power, and provides access to various services like insurance and equipment financing.
- With over 14,000 customers, Odeko helps businesses save time on vendor management and reduce costs by an average of 21%.
- The recent funding round of $126M includes $96M in equity led by B Capital and a $30M credit facility from Banc of California.
- Odeko's unique position as an all-in-one technology partner for local businesses sets it apart in the market.
- The company targets a wide market and serves popular brands like Aroma Joe’s, Blank Street, Van Leeuwen, and more.
- Odeko's business model includes offering supplies from hundreds of brands, tracking trends, and supporting businesses to increase revenue and lower expenses.
- Despite economic challenges, Odeko ensures stability for cafes by managing tariffs and finding efficiencies to maintain prices.
- The funding process was challenging, reflecting the market conditions, but the company's growth and profitability track record attracted investors.
- Odeko plans to use the funding for expansion, new services, acquisitions, and leadership development in the coming months.
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