Oda, a Vietnamese startup providing food procurement systems for restaurants and suppliers, has secured $1 million in seed round funding from Touchstone Partners.
Oda will use the proceeds to further develop its core software technology, refine the app’s user interface, and improve big data analytics capabilities to better predict market trends and ingredient quantities, the Ho Chi Minh City-based firm announced Thursday.
Founded in 2019, Oda has quickly become a leading business-to-business food & beverage (F&B) platform, connecting over 120 suppliers with almost 500 customers in Vietnam, including Baemin Kitchen, Belgo, and Lacaph. The Oda team is currently building an intuitive platform on the web and mobile app environments to serve the digital transformation of the purchasing process.
Oda’s F&B procurement and order management platform connects buyers and suppliers of the fresh food market. Its SaaS solution provides hotels, restaurants, cafes, and bakeries an easy-to-use way to not only simply order and purchase foods but to also understand, track, and analyze purchasing trends, potentially saving significant costs.
Startups in Vietnam attracted $494 million of venture capital in 94 deals in the first nine months of the year, down from $602 million in the same period of 2021, according to a report by BambuUP, a Vietnamese innovation connection platform.