TOP investors, entrepreneurs and corporate heavyweights have backed food and beverage startup Ordermentum to the tune of $2.5 million.
The Sydney-based platform raised the capital in a Series A round to grow market share in the multibillion-dollar B2B transaction market.
Investors include Nudie Juices co-founder and Ten Network chairman David Gordon, director of Cochlear, Westpac and IAG Alison Deans and Radiata co-founder David Skellern.
Launched in 2014 by Andrew Low and Adam Theobald, Ordermentum is a web-based ordering and payments platform for the food and beverage industry.
Retailers place and pay for supply orders using a mobile solution, while reminders, pricing, promotions and payment terms allow suppliers to integrate paid orders into accounting systems automatically.
Low says there hasn't been a single solution that benefits both retailers and suppliers until now.
"Incredibly, there are over 60 million orders placed every year between supplier and retailers in the food and beverage sector," Low says.
"I am excited that Ordermentum is delivering business efficiencies, growing sales and improving relationships for both sides of the F&B network."
Theobald says the team is looking to drive growth over the next 12 months under the guidance of its board and advisors.
"It was very humbling for us to receive such a positive response from Australia's best tech investors during our fundraising process," Theobald says.
"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."
There are more than 60,000 cafes, bars and restaurants in Australia placing over 60 million supply orders every year valued at just under $30 billion. Ordermentum has already enlisted 3000 businesses.
Gordon, also appointed as independent chairman, says Ordermentum has all the makings of a successful business venture.
"For a long time now, consumer products have taken the lime light when it comes to innovation and investment over business to business opportunities," Gordon says.
"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."
Capital Markets Technology led the round, joining existing Ordermentum shareholders VOCUS Communications (ASX:VOC) founder James Spenceley and Reckon (ASX:RKN) founder Greg Wilkinson.
Image: Adam Theobald, David Gordon, Andrew Low.
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