OLO, An Online And Mobile Ordering Platform For Restaurants, Grabs $5 Million In New Funding From PayPal & Others | TechCrunch
Summary
OLO, the New York-based online and mobile ordering platform for restaurants, has raised a $5 million Series B round of funding from PayPal and existing investors, David Frankel, RRE Ventures, and Core Capital Partners. Glass tells us that OLO has four large quick-serve chains in various stages of closing deals with his company, each with over 5,000 locations domestically, and combined, totaling 27,000 units across the U.S. “Our pipeline is crazy. “Mobile used to be 10 percent of our total order volume,” says Glass, “and now, for hundreds of the restaurants we work with, it’s more than 50 percent of the order volume.” On mobile, OLO’s restaurant partners will soon be able to better target customers with offers, discounts, and rewards that can be even more personalized than those from loyalty card startups which track transactions alone. As for PayPal’s involvement, obviously OLO will now be adding it as a payment option that its restaurants can choose to integrate, alongside credit, debit, gift cards, and, more recently, Google Wallet. “Since June 2005, I thought that mobile commerce was a huge and compelling idea, but for it to really gain mainstream adoption, we had to find the right application for it.