OLO Grabs $5M From PayPal, Others For Restaurant Ordering Platform

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3:21 PM EDT January 24th, 2013

Online and mobile ordering system OLO has raised $5 million in Series B funding from PayPal and other existing investors, according to TechCrunch. The company has previously raised $8.75 million in outside funding and reached its 1 million-customer milestone exactly one year ago.

“We started in June 2005, so it took us six and a half years to go from zero to a million users,” said CEO Noah Glass says. “It’s incredible in less than 12 months we’ve gone from 1 million to 2 million, but it’s indicative that the market is really heating up and customers are excited about ordering from their mobile devices.”

Existing investors David Frankel, REE Ventures and Core Capital Partners also contributed to the round.

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