The online and mobile ordering platform is used by more than 250 restaurant brands at 50,000 locations.
Digital ordering and delivery platform Olo announced on Wednesday that the company received $18 million in funding from Tiger Global Management, a private equity firm known for investing in technology companies.
Olo was founded in 2005 as a text message ordering service and has since grown its platform to service online and mobile ordering for more than 250 restaurant brands at 50,000 locations. Founder and CEO Noah Glass told TechCrunch more than 100 million orders were processed on the platform in 2018, the same amount that had been processed by the platform across the first 12.5 years of the company’s existence.
In an article about the secured funding, Restaurant Business highlighted the idea that Tiger Global’s investment indicates the direction in which the future of off-premise and delivery in the restaurant space is headed. As consumers increasingly demand restaurant food outside of restaurants, investors are responding by providing substantial capital to delivery providers and other tech companies like Olo in the restaurant space.
“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,” Tiger Global Management partner Scott Shleifer said in a statement. “We believe Olo has a long runway ahead.”