Sydney’s Ordermentum has raised $55 million from Five V Capital at a valuation above $150 million, after a Barrenjoey-run global process that also let earlier backers partially exit.
Five V Capital, which manages more than $3.3 billion across its PE and venture funds, led the deal.
It came out of a competitive global process run by investment bank Barrenjoey, with both domestic and international growth investors at the table.
“With data and AI changing the social landscape rapidly, the food and beverage industry is entering a new era,” ” said CEO and co-founder Adam Theobald.
“Ordermentum wants to underpin the hospitality industry with the infrastructure and intelligence to thrive in a world that needs human connection more than ever. “
“Five V shares our ambition for the industry, has a strong track record scaling businesses, and brings the experience to help us materially accelerate our impact.”
Theobald co-founded the order-ahead app Beat the Q (now Hey You) before launching Ordermentum in 2014 with former Toby’s Estate MD Andrew Low.
Ordermentum has built a digital backbone for Australia’s wholesale food and beverage trade.
It connects roughly 50,000 venues — pubs, restaurants and cafes — with their suppliers through a single ordering, payments and reconciliation platform.
The new capital is earmarked for deepening its AI capabilities, plus acquisitions that complement the existing wholesale technology stack.
This raise lands two-and-a-half years after Ordermentum acquired its closest rival, Foodbomb, in September 2023 in an all-stock merger that valued the combined business at around $100 million.
At that point the platform reached 40,000 venues and 850 suppliers, processing more than $1.2 billion in orders annually.
The Five V cheque now values the merged business roughly 50% higher — a real step-up, but a measured one rather than the eye-watering kind that defined the 2021 era.
Five V Capital partner Tim Cooper, who led the deal, said hospitality “has scaled without the infrastructure to support it in the way other industries have”.
“Ordermentum is already embedded in how the industry transacts day to day,” he said.
“That creates a rare opportunity to introduce intelligence directly into those workflows.”
For Five V, this caps an active stretch after the firm took a $23 million Series A position in legal-AI platform Checkbox in January.
It exited investor administration platform Automic Group to global PE firm Advent last September.
And in late 2024 it led the $5 million first external raise at council-bookings platform Attekus, alongside QIC Ventures.
