August 18, 2020

We Can Make a Bigger Difference

Odeko and Cloosiv merge, with new funding and a mission to save the local economy

Written By Tim Griffin & Dane Atkinson

Odeko and Cloosiv are thrilled to announce that we’re merging to become the single largest tech company focused on supporting the small businesses that power the U.S. economy - coffee shops, bakeries and cafes. With a shared vision and a front-row seat as witness to the impact of COVID-19 on our local communities, we knew that we needed to do more and we needed to do it faster, which is why we’ve created something new altogether - one company with one solution.

Our vision is to support every spoke in the local economy’s wheel - from the dairy farmers and bean suppliers, to the bakers and the baristas we love, all the way to the mobile ordering app in your pocket. It’s our goal to build the only farm-to-customer platform that makes it easier and cheaper for local suppliers and retailers to run their businesses, while offering unparalleled convenience and education for their customers.

We’ve got a lot of work ahead of us, but we’ve already seen many wins for the cafés we support. Those wins will continue as we build new tools for our customers, but in the near term there are many ways we can start to help, like:

  1. Dropping our transaction fees to the lowest in the industry
  2. Keeping customers informed about the products they consume
  3. Sharing sales forecasts to help retailers produce less waste and happier customers

And that’s just the start. To keep pace with the growth we’ve seen and to provide stability to the café ecosystem, we’ve closed an additional $12M in funding alongside our merger, led by GGV Capital with participation from First Round, Primary Venture Partners, Two Sigma Ventures, Box Group and Addition Ventures. This funding is part of a larger $28M financing that will allow us to invest even more resources into the small businesses we work with every day.

Our unified team intends to have a lasting impact on local economies all across America. Join us as we relaunch the new company with a refreshed “Odeko” brand on September 1st. To celebrate, we encourage you to order ahead from one of the 1,000+ local cafés we support by using the Odeko mobile app or by using our new online ordering website - both the app and the website will be made available on September 1, 2020.

Together we can make a bigger difference.

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