$18M investment to fuel growth, reward long-term Olo team members
Tiger Global Management, LLC has invested in Olo, an ondemand food ordering platform for digital ordering and delivery, in the amount of $18M. The common-equity-based deal provides liquidity and reward for long-term Olo team members. Olo and Tiger Global Management are both based in New York City. Olo’s enterprise software enables digital ordering and rapid restaurant transaction.
Through its proprietary software, Olo powers digital ordering by integrating guest-facing technology with back-of-house enterprise and on-premise software, including point-of-sale technology.
“We are thrilled to have Tiger Global as part of our investor base and look forward to working with them as we partner to grow digital ordering and delivery for the restaurant industry,” said Noah Glass, founder and chief executive of Olo, in a statement.
Tiger Global Management said Olo’s was aligned with the investment firm’s interest in the growth of the technology sector. As an investor in global Internet, software, financial technology, consumer and industrial sectors, Tiger Global Management has invested in companies that include Spotify, Peloton, JD.com, Facebook, LinkedIn, Yandex, Despegar, and Flipkart.
“We believe Olo has a long runway ahead,” said Scott Shleifer, Tiger Global Management partner.
In 2016, Olo received an investment from the Raine Group, a merchant bank that has more than $2B in assets under management. Olo enables digital ordering at a growing number of restaurant clients, including, Chipotle, Denny’s, Jamba Juice, Noodles & Company, Shake Shack, Pincho and sweetgreen.
Photo credit: Olo