Online ordering is the fastest-growing category in restaurant tech.
That’s fairly obvious from a look at a new Deloitte ranking of the 500 fastest-growing tech companies in North America.
While the Fast 500 covers a wide range of industries, Restaurant Business counted seven restaurant-related entrants. Three of them are focused on helping operators grow their digital business.
The consulting firm’s ranking is based on company revenue growth from 2018 to 2021. Companies had to have revenues of at least $50,000 in 2018 and at least $5 million in the current year and been in business for at least four years.
Here’s a look at the restaurant tech players that made the cut.
No. 57: Popmenu
The Atlanta-based online ordering company has been by far the fastest-growing restaurant tech firm, according to Deloitte: Its revenue increased more than 3,100% since 2018.
Popmenu began in 2017 with an Amazon-like online menu system that allows customers to “like” dishes and leave reviews. It has expanded to offer website design, online ordering and marketing tools. It currently works with more than 10,000 restaurants, most of which are small or medium-sized businesses.
Its more recent growth has been helped by a $65 million funding infusion in June 2021 led by Tiger Global Management.
No. 278: Hungry
Hungry is a catering marketplace that connects businesses with local chefs for corporate events, popups and employee meals. Revenue have risen 534% since 2018 at the Arlington, Va.-based company.
The company boasts some high-profile investors, including Jay-Z, Kevin Hart, Usher and chef Tom Collichio. It operates in 14 cities and has a roster of more than 150 local chefs and restaurants.
Catering took a hit during the pandemic, but has bounced back this year as more workers return to the office. Big catering provider ezCater said last week bookings were up 91% through Q3.
No. 371: Olo
Perhaps the most recognizable name on this list, Olo’s revenue has increased 370% since 2018.
It’s been around since 2005, when it began offering a way for customers to order from a restaurant via text message. It’s become more sophisticated since then, with a product suite that includes online ordering, order integration, payments and marketing.
It’s one of the few publicly traded restaurant tech firms, having made its Wall Street debut in 2021. It currently works with 600 brands, and its network continues to grow: 84,000 individual restaurant locations were using Olo in Q3, an 11% increase year over year.
No. 405: Slice
Slice is the third company on this list involved with growing digital business for restaurants—specifically mom-and-pop pizza shops.
It has found plenty of demand in that niche market: Slice’s revenue is up 316% since 2018.
Its strategy is to offer local pizza places tech similar to what giants like Domino’s use. That includes online ordering, marketing and loyalty and even a POS system.
Slice also has a consumer-facing app that allows users to browse and order from its partner pizzerias and earn rewards.
It works with more than 18,000 pizza shops in 50 states.
No. 471: 7Shifts
The lone entrant focused on restaurants’ labor needs, 7Shifts has seen revenue grow 261% since 2018.
Founded in Saskatoon, Canada, in 2014, the company makes software designed to ease scheduling, time clocking and staff communication for managers. Clients include &pizza and Union Square Hospitality Group, whose founder, Danny Meyer, is also a 7Shifts investor.
The company has come a long way since 2020, when it furloughed a quarter of its staff as revenue plummeted. It brought most of them back as restaurants began to reopen and seems poised for even more growth: In February, it raised $80 million in a round led by big tech investor SoftBank.
No. 472: Onfleet
Onfleet helps restaurants and other businesses manage deliveries. Its software dispatches and routes orders and keeps customers updated in real time. The boom in restaurant delivery during the pandemic no doubt contributed to Onfleet’s revenue growth of 261% since 2018.
CEO Khaled Naim told RB in 2020 that most of Onfleet’s restaurant customers use it to manage their own drivers, rather than third-party couriers. “I think that’s kind of the model that we’ll see play out more and more over the coming years,” he said at the time.
No. 489: Territory Foods
The New York-based meal-delivery service offers healthy, ready-to-eat meals prepared by a network of local chefs and restaurants. Subscribers get weekly drop-offs tailored to their diet.
Territory’s rotating menu checks a number of trendy boxes: It’s plant-heavy and free of gluten and dairy, and emphasizes sustainable sourcing.
For chefs, Territory offers a chance to add revenue by preparing weekly meals.
The company’s own revenue is up 244% since 2018.