Odeko raises $126 million

Odeko, an all-in-one operation and technology platform for local coffee shops, cafes, and other food and beverage businesses, has raised $126 million in Series E funding, comprised of $96 million in equity led by B Capital and a $30 million credit facility from Banc of California.

Odeko will use the new funding to fuel growth through new services and cost savings for customers, acquire businesses that will extend its market reach and product offerings, and build out its leadership bench.

The NY-based startup is also announcing the acquisition of Butter Insurance (NY), an agency that launched to offer general liability and commercial property insurance to coffee shops in partnership with The Hartford. With this acquisition, Odeko’s customers now have access to “comprehensive, cost-effective insurance solutions tailored to their needs.” Odeko claims to have access to 20+ carriers for over 10 different lines of business.

Odeko has more than 14,000 customers, including local businesses who have developed a regional or national presence, like Aroma Joe’s®, Birch, Blank Street, Go Get Em Tiger, Gregorys, Joe Coffee, Van Leeuwen, and White Rhino.

“We’re excited to expand the Odeko ecosystem. This new funding will allow us to offer an unparalleled suite of services to help independent businesses gain access to the unified buying power and technology of larger chains and thrive. With Odeko’s comprehensive solutions, our customers can focus on what they do best: serving their communities and creating a great customer experience.” – Dane Atkinson, CEO and Founder of Odeko.

“Odeko is reimagining what it means to be the all-in-one operations and technology partner for independent businesses, making it easier and more affordable to run the local spots we all know and love. The growth potential for Odeko as the partner of choice for local businesses is enormous, and we’re excited to be a part of that growth.” – Sami Ahmad, General Partner and Deputy CIO, B Capital.