Company type | Public |
---|---|
NYSE: OLO | |
Industry | Internet, Mobile, Restaurants |
Founded | June 2005New York City, U.S. | in
Headquarters | One World Trade Center, New York City, U.S. |
Key people | Noah Glass, Founder & Chief Executive Officer |
Revenue | US$149 million (2021) |
US$−28 million (2021) | |
US$−42 million (2021) | |
Total assets | US$756 million (2021) |
Total equity | US$702 million (2021) |
Number of employees | 639 (December 2021) |
Website |
olo |
Footnotes / references [1] |
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. [2]
Olo was founded as GoMobo in 2005 by Noah Glass in New Haven. [3] [4] Its initial product was a mobile phone app that allowed users to pre-order food via text message from coffee shops for pick-up. [5] [6]
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, [7] used by restaurants to manage mobile device orders. [8]
Fortune reported in 2015 that restaurants using Olo software had served approximately 10 million customers. [9]
In 2017, Shake Shack launched the Shake App created by Olo; other restaurant brands using Olo software include Denny’s and Wingstop. [10]
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. [11]
On March 17, 2021, Olo went public on the New York Stock Exchange and its IPO raised approximately $450 million. [12]
In October 2021, Olo announced its acquisition of Wisely, a customer intelligence platform that uses consumer data to personalize online ordering. [13]
In February 2022, Olo launched a service called Olo Pay which enables customers to make one-click online purchases from any restaurant in Olo’s network. [14] In February 2022, Olo acquired Omnivore, a company that developed technology services for restaurants. [14]
Starting in August 2022, Olo stock plunged as restaurants delayed deploying their ordering software. [15] Following the drop in Olo’s share price, several law firms filed what Restaurant Business described as “stock-drop suits”, a common type of lawsuit following a substantial drop in a public company’s share prices where lawyers for investors attempt to show that the company intentionally withheld information related to the price fall from its shareholders. [16] [17]
In July 2023, Jo Lambert was named the chief operating officer (COO). [18]
The company has raised funds from Founder Collective, [19] RRE Ventures, Core Capital, PayPal, Staley Capital, The Raine Group, Danny Meyer (CEO of Union Square Hospitality Group), and private investors. [20]
In January 2020, Bloomberg News reported that Olo might be seeking an IPO with a valuation of $1 billion. [21] Those plans were put on hold due to COVID-19. The company went public in March 2021 [22] with a valuation of $3.6 billion. [23]
Mobo Systems Inc., which has deals with 24 restaurants in New Haven, Conn., and New York
Olo previously raised at least $23 million in funding from RRE ventures, PayPal, Founder Collective and famed restaurateur Danny Meyer.
Company type | Public |
---|---|
NYSE: OLO | |
Industry | Internet, Mobile, Restaurants |
Founded | June 2005New York City, U.S. | in
Headquarters | One World Trade Center, New York City, U.S. |
Key people | Noah Glass, Founder & Chief Executive Officer |
Revenue | US$149 million (2021) |
US$−28 million (2021) | |
US$−42 million (2021) | |
Total assets | US$756 million (2021) |
Total equity | US$702 million (2021) |
Number of employees | 639 (December 2021) |
Website |
olo |
Footnotes / references [1] |
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. [2]
Olo was founded as GoMobo in 2005 by Noah Glass in New Haven. [3] [4] Its initial product was a mobile phone app that allowed users to pre-order food via text message from coffee shops for pick-up. [5] [6]
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, [7] used by restaurants to manage mobile device orders. [8]
Fortune reported in 2015 that restaurants using Olo software had served approximately 10 million customers. [9]
In 2017, Shake Shack launched the Shake App created by Olo; other restaurant brands using Olo software include Denny’s and Wingstop. [10]
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. [11]
On March 17, 2021, Olo went public on the New York Stock Exchange and its IPO raised approximately $450 million. [12]
In October 2021, Olo announced its acquisition of Wisely, a customer intelligence platform that uses consumer data to personalize online ordering. [13]
In February 2022, Olo launched a service called Olo Pay which enables customers to make one-click online purchases from any restaurant in Olo’s network. [14] In February 2022, Olo acquired Omnivore, a company that developed technology services for restaurants. [14]
Starting in August 2022, Olo stock plunged as restaurants delayed deploying their ordering software. [15] Following the drop in Olo’s share price, several law firms filed what Restaurant Business described as “stock-drop suits”, a common type of lawsuit following a substantial drop in a public company’s share prices where lawyers for investors attempt to show that the company intentionally withheld information related to the price fall from its shareholders. [16] [17]
In July 2023, Jo Lambert was named the chief operating officer (COO). [18]
The company has raised funds from Founder Collective, [19] RRE Ventures, Core Capital, PayPal, Staley Capital, The Raine Group, Danny Meyer (CEO of Union Square Hospitality Group), and private investors. [20]
In January 2020, Bloomberg News reported that Olo might be seeking an IPO with a valuation of $1 billion. [21] Those plans were put on hold due to COVID-19. The company went public in March 2021 [22] with a valuation of $3.6 billion. [23]
Mobo Systems Inc., which has deals with 24 restaurants in New Haven, Conn., and New York
Olo previously raised at least $23 million in funding from RRE ventures, PayPal, Founder Collective and famed restaurateur Danny Meyer.