“But the lockdowns were less restrictive than we expected and while the volumes went down to 50 percent in the first three weeks, they marched back to 80 percent after that and that was carried forward to where we thought we would be.”
That stronger than expected rebound in 2020 meant the company gained new customers over the past year, and by September the volume had rebounded to March levels.
During the pandemic, the company stayed in touch with the investors it had worked with prior to the stock market sell-off in March, and its resilience convinced Pure Asset Management to invest.
“The strength of the company’s network effect, which was no more apparent than the marketing stopped during the lockdown, was nothing short of compelling. We are excited about the prospects for Ordermentum and we are privileged to be able to finance such a great Australian company, ”said Nick Berry, Principal of Pure Asset Management.
Mr Theobald said the capital would allow him to invest in new services for his network of suppliers and hospitality businesses and to attract talent. The company recently added Prospa chief product officer Damon Pezaro to its board, led by Nudie co-founder and former Ten Network chairman David Gordon.
“The topic of digitization has never been more intense than in payment transactions. In COVID, among other things, we saw that the suppliers were concentrating on how they were collecting money, while the venues were concentrating on watching what they were spending and how they were spending it, ”said Theobald.
“We are making a concerted effort to help other sites drive the digital adoption of payments.”
Ordermentum has 25,000 venues on the platform and 450 suppliers. The company tracks gross product value as its main growth metric and has exceeded GMV of $ 600 million. The latest fundraising is expected to help break even.
Mr. Theobald founded the company together with the former managing director of Tobys Estate Coffee, Andrew Low, whom he had originally won as a customer.
Between his connections from starting Hey You and Mr. Low’s industry experience, Mr. Theobald said the couple had a head start in getting Ordermentum off the ground.
“They’re both great and fun … but the difference from Ordermentum is that it’s a much bigger network,” he said. “The way venues hire a new supplier is very smooth and we want to streamline this. We want to be the way that venues are found, selected, ordered, and paid for [for goods].
In addition to being the CEO, Mr Gordon is also an investor in the business, as is beverage giant Lion, who was one of Ordermentum’s first 10 customers.
James Brindley, chief executive officer of Lion Australia, who is also on Ordermentum’s board of directors, said the company used the company primarily in wholesale of malt shovel.
“Ordermentum’s intuitive and simple customer interface and experience goes well with Malt Shovel’s goal of making business really easy,” he said.
“With the platform, we can set up and order customers from Malt Shovel by credit card within a few hours rather than days within hours.”