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COMPANY
Australian hospitality tech platform Ordermentum has acquired food marketplace Foodbomb and raised $16 million in a bid to accelerate its national growth strategy and to further digitise the food and beverage industry. Odermentum says its platform is used by around 40,000 Australian venues to process more than $1.2 billion in orders a year.
THE FOUNDERS
Ordermentum was founded in 2014 by Adam Theobald, co-founder of Beat the Q (now Hey You) and Andrew Low, former GM of coffee brand Toby’s Estate.
With their combined years of experience in the hospitality industry the pair understood “pain points” when it came to inefficient and inconsistent ordering systems. Their aim was to digitise and streamline the wholesale ordering process for hospitality venues.
“Ordermentum began from that insight. However, despite increased technology adoption in many parts of society (and the acceleration through COVID), many food and beverage suppliers are still living in a pad-and-paper world,” Theobald says.
“Ordermentum began from that insight. However, despite increased technology adoption in many parts of society (and the acceleration through COVID), many food and beverage suppliers are still living in a pad-and-paper world.”
Foodbomb was founded in 2017 by Paul Tory and Josh Goulburn. Over the past 6 years, Foodbomb has processed $100 million in transactions, from 13,000 venues through its network of suppliers.
THE DEAL
As part of the acquisition, Ordermentum has closed an oversubscribed capital round of $16 million, with additional investments from existing investors Matt Rockman (co-founder of SEEK), David Gordon and Perennial Private Ventures Fund. Other investors include Microequities Asset Management, Aditum Ventures (part of DIFC-based Aditum Investment Management Limited) and listed investment fund Touch Ventures. The investment values the combined business at over $100 million.
Odermentum’s Theobald says the acquisition and funding should exponentially increase his company’s growth.
“We desperately need new suppliers around the country in fruit and vegetables, meat, poultry, seafood and smallgoods and we have long-recognised that these are the verticals where Foodbomb are strong. We believe that this acquisition can accelerate our growth by two years… it’s a big win-win,” he says.
