Nextbite (formerly Ordermark)

Nextbite is a virtual restaurant and online ordering management company founded in 2017. The company provides technology solutions and delivery-only restaurant concepts to help existing restaurants generate additional revenue by utilizing excess kitchen capacity. Nextbite's platform integrates orders from multiple delivery services into a single system, streamlining operations for restaurant partners. The company offers a portfolio of over 17 virtual restaurant brands spanning various cuisines and dayparts, which restaurants can license to expand their delivery offerings without adding physical infrastructure. These virtual brands are available on up to 50 different online marketplaces.

Nextbite's technology aims to help restaurants maximize kitchen output and increase margins through delivery-only menus. The company claims its virtual brands can generate up to USD 250,000 in incremental annual revenue per restaurant location. Nextbite takes a 45% cut of gross sales from its virtual brands, with restaurant partners keeping 55%. In 2021, Nextbite reported 500% year-over-year revenue growth. The company has raised over USD 150 million in funding, including a USD 120 million Series C round in October 2020 led by SoftBank.

Key customers and partnerships

Nextbite works primarily with independent restaurants but also partners with regional chains like Baja Fresh and franchisees of larger restaurant brands. In March 2022, the company announced a partnership with IHOP to launch two virtual restaurant concepts, Thrilled Cheese and Super Mega Dilla, in over 50 IHOP locations across nine states. Nextbite has also collaborated with celebrities to create branded virtual concepts, including HotBox by Wiz Khalifa and George Lopez Tacos. In March 2022, Nextbite partnered with WWE to launch a limited-time virtual restaurant called WWE Smackadillas in the Dallas area ahead of WrestleMania 38. The company has expanded its offerings to include breakfast concepts and continues to develop new celebrity-backed brands to add to its portfolio.