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Ordering and payments platform Ordermentum has today announced a $6 million funding round led by SEEK co-founder Matt Rockman and PURE Asset Management, helping position the company for further growth.
The raise, which also received a contribution from the Sydney-based company’s chairman David Gordon, comes as Ordermentum has seen significant revenue growth, processing nearly $700 million in orders over the past year as the hospitality industry taps into digital solutions.
Ordermentum, founded in 2015 by Adam Theobald and Andrew Low, is an ordering and payments platform used by more than 28,000 hospitality venues and suppliers around Australia, giving businesses a digital way to quickly order, pay and manage orders.
The news follows a $4.5 million raise from another wholesale ordering platform called Foodbomb, which will see the company dive into the Brisbane market next month and double its headcount.
Ordermentum’s investment was a secondary funding round, which provided an opportunity to bring in new and experienced investors like Rockman and existing backer and former-Zip Co (ASX: Z1P) executive Bosco Tan, and was significantly oversubscribed.
“Digitisation has changed the hospitality industry for the better, and Ordermentum is at the forefront of helping venues around the country become more adaptable and flexible in a tumultuous time,” SEEK co-founder Matt Rockman said.