The rash of recent tech fundings is by no means a secret but it’s becoming increasingly clear that one particular group of local startups is dominating the headlines in the new year.
In the two months since Built In LA published its 50 Startups to Watch in 2018, six of the companies named to the list have announced fundraising news.
Today, LA-based Ordermark becomes the seventh.
Founded out of a room in the famous Canter’s Deli on Fairfax just last year, Ordermark revealed this morning that it had received a $3.1 million seed round to finance the company’s ongoing national expansion and to accelerate product growth.
The company — which helps restaurants manage online ordering efforts — tapped local VC firm, TenOneTen Ventures, to lead the round, which also included participation from LA-based Act One Ventures, Mucker Capital and others. According to Canter, the fresh funding will also help the company invest in additional support resources.
“We were looking for investors in the Los Angeles area who could take us to the next level, and we couldn't be more excited to work with the brilliant minds of Eytan Elbaz and David Waxman,” CEO Alex Canter told Built In LA. “Eytan arrived at our first meeting with a clear understanding of how we can scale Ordermark to a national level. David was the driving force helping me understand the strategy and tactics to quickly fill the remainder of our Seed Round. TenOneTen has extensive knowledge in scaling B2B SaaS platforms, but more importantly, they are really good people who we enjoy working with.”
Ordermark is powering [the] transformation in restaurant operations, and we are thrilled to now be their partner as they continue to scale."
Over the last year, Ordermark has grown its staff to 30 with offices in Santa Monica, Denver and New York. Last month, the company joined the Techstars Boulder accelerator, which will have its demo day on May 8, 2018. The team will come home to a brand new, 2,500-square-foot office in Santa Monica, which, according to Canter, is set up to accommodate the company’s 2018 expansion plans.
"We have long believed in the power of data to transform business operations," says Waxman, who serves as managing partner of TenOneTen Ventures, in a statement. "It's clear that online ordering represents the biggest opportunity for restaurants since the emergence of quick-serve restaurants. In important ways, Ordermark is powering this transformation in restaurant operations, and we are thrilled to now be their partner as they continue to scale."