Olo (online ordering)

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Olo Inc.
TypePublic
NYSE: OLO
IndustryInternet, Mobile, Restaurants
FoundedNew York, NY
(June 2005)
HeadquartersNew York, NY
Key people
Noah Glass, Founder & Chief Executive Officer
Websitewww.olo.com

Olo is a New York City-based B2B SaaS company that develops digital ordering and delivery programs for restaurants. The company’s platform allows customers to place restaurant orders from multiple origination points – from a brand’s own website or app, third party marketplaces, social media platforms, smart speakers, and home assistants. It also provides restaurants with order analytics and other services. [1]

History[]

Olo was founded as GoMobo in 2005 by Noah Glass in New Haven.[2][3] Its initial product was a mobile phone app that allowed users to pre-order food via text message from coffee shops for pick-up.[4][5]

In 2010, the company changed its name to Olo ("online ordering") to reflect its change from being a customer-facing application to being a B2B software company, “invisible” to customers,[6] used by restaurants to manage mobile device orders.[7]

Fortune Magazine reported in 2015 that restaurants using Olo software had served approximately 10 million customers.[8]

In 2017, Shake Shack launched the Shake App created by Olo; other restaurant brands using Olo software include Denny’s and Wingstop.[9]

In 2019, Olo formed a partnership with Google to provide the interface between Google Search and other Google applications to connect customers with local restaurants, allowing them to place orders directly, without using third-party ordering apps such as Doordash and Postmates. ChowNow, a competitor B2B restaurant order-management SaaS company, has a similar arrangement with Google.[10]

Olo launched its IPO on March 17, 2021.

Funding[]

The company has raised funds from Founder Collective,[11] RRE Ventures, Core Capital, PayPal, Staley Capital, the Raine Group, Danny Meyer (CEO of Union Square Hospitality Group), and private investors.[citation needed]

In January 2020 Bloomberg reported that Olo might be seeking an IPO with a valuation of $1 billion.[12] Those plans were put on hold due to COVID. The company went public in March 2021[13] with a valuation of $3.6 billion.[14]


References[]

  1. ^ Marston, Jennifer (October 2, 2019). "Google and OLO Partner to Give Restaurants More Control of Their Data". thespoon.tech. The Spoon. Retrieved 7 January 2021.
  2. ^ David Muir (20 September 2006). "Texting Food Orders Makes Cutting In Line OK". ABC News.
  3. ^ Ali, Sarmad (20 September 2006). "Text Messaging Speeds Up Fast-Food Orders; Cellphones, Web Services Let Customers Skip Lines; Idea Is Still in Early Stages". Dow Jones & Company Inc. Wall Street Journal. pp. D4. Mobo Systems Inc., which has deals with 24 restaurants in New Haven, Conn., and New York
  4. ^ Malynkha, Elena (January 17, 2008). "Pizza Hut Adds Cell Phones To Ordering Service". Information Week. Informa PLC Informa UK Limited. Retrieved 11 January 2021.
  5. ^ Alexander Wolfe (1 November 2007). "GoMobo Brings Fandango-Like Advance Ordering To Your Morning Coffee Run". Information Week.
  6. ^ Little, Kate (June 6, 2016). "This CEO Passed Up Harvard Law School to Make a Huge Bet on Smart Phones". CNBC.com. CNBC. LLC. Retrieved 7 January 2021.
  7. ^ "GoMobo changes name to reflect offerings". QSRweb.com. Networld Media Group. December 5, 2010. Retrieved 11 January 2021.
  8. ^ "Exclusive: Tech firm Olo claims 10 million users". Fortune. Retrieved 2015-11-12.
  9. ^ Zetlin, Minda (September 22, 2017). "Amazon May Soon Bring You a Shake Shack Burger in Under an Hour". Inc.com.
  10. ^ Luna, Nancy (October 1, 2019). "Google, Olo partnership gives restaurants control of consumer data". Nation's Restaurant News. Informa USA. Retrieved 11 January 2021.
  11. ^ "OLO On Mobile Restaurant Ordering: 'We Want To Be The Amazon Of Food'". Forbes. Retrieved 2015-11-12.
  12. ^ Tse, Crystal; Baker, Liana (January 6, 2020). "Food Software Startup Olo Is Said to Plan U.S. IPO in 2020". Bloomberg News. Bloomberg L.P. Retrieved 11 January 2021.
  13. ^ Ruggless, Ron (March 17, 2021). "Olo CEO Noah Glass sees IPO strengthening platform's independence". Nations Restaurant News. Informa USA. Retrieved 31 May 2021.
  14. ^ Lucas, Amelia (March 17, 2021). "Restaurant tech firm Olo shares soar 39% in IPO as online ordering surges". CNBC.com. CNBC LLC. Retrieved 28 June 2021.
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