Spying A Pivot To Ghost Kitchens, Softbank's Second Vision Fund Pours $120 Million Into Ordermark
“We’re building a decentralized ghost kitchen,” is a sentence that could launch a thousand investor calls, and Alex Canter, the chief executive officer behind Ordermark, knows it.
The 29-year-old CEO has, indeed, built a decentralized ghost kitchen — and managed to convince SoftBank’s latest Vision Fund to invest in a $120 million round the company announced today.
“We have uncovered an opportunity to help drive more orders into restaurants through this offering we have called Nextbite,” Canter said. “Nextbite is a portfolio of delivery-only restaurant brands that exist only on UberEats, DoorDash and Postmates.”
After hearing about Nextbite, SoftBank actually didn’t take much convincing.
Investors from the latest Vision Fund first reached out to Canter shortly after the company announced its last round of funding in 2019. Canter had just begun experimenting with Nextbite at the time, but now the business is driving a huge chunk of the company’s revenues and could account for a large percentage of the company’s total business in the coming year.
“We believe Ordermark’s leading technology platform and innovative virtual restaurant concepts are transforming the restaurant industry,” said Jeff Housenbold, managing partner at SoftBank Investment Advisers, in a statement. “Alex and the Ordermark team have a deep understanding of the challenges that independent restaurants face. We are excited to support their mission to help independent restaurants optimize online ordering and generate incremental revenue from under-utilized kitchens.”