LAB Ventures portfolio company OrderOut announced today that it has sold its business and all of its assets to a group of private investors led by Vlad Sadovskiy, President of publicly-traded payments company Net Element.
OrderOut, which provides restaurants a solution to seamlessly integrate all of their on-line ordering services (e.g. DoorDash, UberEats, GrubHub, Postmates) with their Point-of-Sale systems, was the second project created by the LAB Ventures studio team completely from scratch, and is the first exit for the studio.
The business has grown exponentially during the COVID-19 pandemic, which has accelerated the adoption of online ordering and delivery services generally. Under the leadership of CEO Thibault Le Conte, OrderOut went from just a handful of restaurant customers one year ago to over 400 today. They also inked partnerships with restaurant software companies Clover, Aptito (based in Fort Lauderdale), and Tabit, the Isaeli market leader that opened a US headquarter in Miami last year. The new owners have committed substantial additional capital to permit the company to add many more POS integrations and scale their business nationally.
Le Conte, a seasoned entrepreneur who moved to Miami from New York in 2018 when he joined OrderOut, will continue to lead the business and is excited for this next phase of growth.
“Our entire team believes this new deal is a great opportunity for OrderOut to have new partners ready to invest heavily and bring the company to the next level.” — Thibault Le Conte
Sadovsky is a serial entrepreneur with vast experience in SMB payments; specifically with restaurants. He has been recognized on multiple occasions as a C level executive in private and public companies in the merchant payment space; having been featured in Inc's 5000 fastest growing company lists. "I'm grateful to the LAB Ventures team for their support in doing this transaction and we are exited for what the future hold for this company," added Vlad.
Now, what does this mean for LAB Ventures? Matti Marshak, CEO of the startup studio at LAB Ventures said that while he is sad to say goodbye to OrderOut, he is excited for what 2021 will bring, "This is one of our first projects, and it’s hard to see them leave the nest, but the new investor group is incredibly well-positioned in the restaurant and hospitality industry and will be able to add a lot of value to the business."
"Our focus at LAB Ventures is now 100% on PropTech, and this transaction gives us more resources to launch new projects to help the real estate and construction industries, which is what we are most excited about.” — Matti Marshak