Global merchant bank The Raine Group has invested $40 million dollars in Olo, a digital ordering and delivery company for multi-location restaurants.
Olo is the latest company added to Raine's portfolio. The small merchant bank, which focuses exclusively on technology, media and telecommunications, has invested in Vice Media, Important Studios, DraftKings and Focus Media, among others.
Raine is also credited with helping Steve Ballmer buy the Los Angeles Clippers and advising Japanese telecommunications Softbank during its takeover of Sprint.
"Olo was ahead of its time when it envisioned a digital ordering engine in 2005 and through years of developing its product and building relationships with leading restaurant brands, has established itself as the industry leader," Colin Neville, vice president of the Raine Group, said in a statement. "Now, with secular tailwinds driving the inevitable shift to digital ordering, Olo's users and sales volume are both more than doubling on an annual basis."
Olo's digital commerce platform services more than 150 major restaurant brands — more than 20,000 stores nationwide — via mobile, web and telephone.
"Our goal is to build a major independent company that helps to reinvent the way restaurants and other local retailers do business in the digital age," Noah Glass, Olo Founder & CEO, said in a statement. "We're thrilled that Raine shares our vision and look forward to utilizing its significant experience in the technology space to further grow our business to the benefit of our restaurant partners and their customers."