OLO, a New York-based digital commerce engine for restaurants, raised $5m in Series B financing.
Backers included PayPal and existing investors (which include David Frankel, RRE Ventures, and Core Capital Partners).
The company intends to use the capital to scale operations.
Founded in June 2005 by Noah Glass, CEO, OLO provides an open commerce platform, which allows customers to order and pay from restaurant websites and mobile apps. OLO transmits the prepaid order directly to the restaurant point-of-sale (POS) system. Restaurants can choose whichever payment types they would like to accept with OLO accepting all major credit cards and digital wallet providers.
Customers include restaurant chains such as Five Guys Burgers & Fries and Cold Stone Creamery, Dickey’s Barbecue Pit, Noodles & Co., and Veggie Grill.
The company is hiring (read here).