Food and beverage start-up Ordermentum has assembled an enviable list of star investors, entrepreneurs and corporate heavyweights, raising $2.5 million in a Series A capital to grow further market share into the multi-billion dollar B2B transaction market.
David Gordon (co-founder of Nudie Juices and Chairman of TEN Network Holdings), Alison Deans (Board director of Cochlear, Westpac, IAG and founder of eBay Australia), and David Skellern (co-founder of Radiata, a key force in the creation of WIFI) make up the list of star studded investors in the $2.5 million round.
Capital Markets Technology (CMT) – the investment arm of CMCRC – a leading tech investment fund, led the round, joining notable existing Ordermentum shareholders James Spenceley (Founder and CEO of VOCUS Communications) and Greg Wilkinson (Founder and Deputy Chairman of Reckon).
What exactly does Ordermentum do?
Co-founded in 2014 by Andrew Low and Adam Theobald, Ordermentum is a web based ordering and payments platform for the food and beverage industry.
And it is a substantial market. There are over 60,000 cafes, bars and restaurants in Australia that place over 60 million supply orders every year worth just under $30 billion dollars.
As the first platform operating in the Australian food and beverage industry that delivers benefits to both suppliers and retailers equally, retailers can now place and pay for their 20+ orders per week via one mobile solution. Customised reminders, pricing, products, promotions and payment terms allow the supplier to integrate paid orders automatically into their existing accounting system and business processes.
There are now more than 3,000 businesses using Ordermentum across Australia with more joining every day. Food and beverage powerhouse brand Lion was the platform’s second customer
To help capitalise on the multi-billion dollar market opportunity, Ordermentum has established an enviable board and advisor group to guide the business, led by David Gordon. Mr Gordon is also the co-founder of ecommerce fulfillment technology provider, ShippingEasy.
“For a long time now consumer products have taken the lime light when it comes to innovation and investment over business to business opportunities. 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. That for me is a strong recipe for success.” said Mr Gordon.
What does this funding mean for Ordermentum?
Adam Theobald said both the demand for the product and interest shown by the investment community when undertaking the round were strong validators of the Ordermentum plan and approach.
“It was very humbling for us to receive such a positive response from Australia’s best tech investors during our fundraising process. 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. With the guidance of our board and advisors, we are really excited about the next twelve months” said Mr Theobald.
Andrew Low (co-founder & CEO) brings a unique mix of experience to Ordermentum, with more than 20 years working and running businesses across the finance and FMCG industries. In 2010, Andrew became Managing Director of Toby’s Estate Coffee, guiding the business’ 25 per cent sales growth, and taking the business from a NSW supplier with 40 staff to a global brand employing more than 350 staff. Andrew is recognised as one of the key innovators in the Australian food and beverage sector.
Adam Theobald (co-founder & CPO) is a renowned Australian entrepreneur, who also founded order ahead app, Beat the Q (now Hey You). The Beat the Q Group has processed more than 20 million mobile transactions, and the app is now considered one of the most successful consumer mobile ordering and payments apps in Australia. Adam brings a wealth of experience and expertise in building products for the food and beverage sector.