Hospitality platform Ordermentum lands $55m from Five V Capital for AI deployment
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The news: Hospitality technology platform provider Ordermentum has secured a $55 million investment from Five V Capital to help the company leverage its data holdings to deploy and integrate AI tools.
The context: The fund will also be used to hire more staff, alongside ongoing product development and consideration for targeted acquisitions.
Founded in 2014, Ordermentum facilitates trade between food and beverage suppliers and venues. The platform integrates ordering, payments and reconciliation in a single system.
The company is currently embedding AI tools into the platform to help drive efficiencies in ordering, pricing, inventory and payments.
The investment process was led by Barrenjoey and attracted “strong interest from leading national and international investors”.
What they said: “This investment marks the next phase in the Ordermentum journey, building on our position as the industry’s leading platform and accelerating our move into the AI and intelligence capabilities we have always set out to deliver,” Ordermentum CEO and founder Adam Theobald said.
“Five V shares our ambition for the industry, has a strong track record scaling businesses, and brings the experience to help us materially accelerate our impact.”
The source: Ordermentum media release
