🧑🍳 allO's Series A
Overlooked #218
Hi, it’s Alex from 20VC. I’m investing in seed & series A European vertical solutions (vSol) which are industry specific solutions aiming to become industry OS and combining dynamics from SaaS, marketplaces and fintechs. Overlooked is a weekly newsletter about venture capital and vSol. Today, I’m super excited to announce that 20VC’s portfolio company allO raised its series A!
allO just closed a $14m Series A led by US-fund Zigg Capital.
The thesis is simple: build Toast for Europe.
Toast is the vertical operating system for restaurants. It’s now a $13bn+ public company doing $2.2bn in ARR (+26% YoY) with 171k locations (+22% YoY). No one has built the European equivalent. We led allO’s seed in Jul. 2024 because we believe this team will build it.
Why?
Cancan, Teo & Bene are obsessed with restaurateurs. They built v1 sitting in their first customer’s restaurant. They sell door to door. They onboard in person. They’re on WhatsApp 24/7 doing customer success themselves.
They understood early that winning meant owning the entire operating system: POS, payment, financing, kitchen display, reservation, delivery integrations, kiosk and inventory for managers, waiters, cooks and guests in a single platform.
They picked a unique wedge targeting cuisines ignored by incumbents (e.g. Chinese, Indian, Vietnamese) with specific product like multi-language teams, complex modifier menus, payment behaviour the others didn’t support.
Since we led the seed in summer 2024, allO has:
Gone from one (Chinese) to four cuisines (Chinese, Indian, Vietnamese, German)
Reached 1k live locations in Germany (6x)
Grown revenue 3.5x YoY
30% of new customers now arriving through referrals
This round funds two things: AI agents and geo. expansion beyond Germany.
The first agent ships today: Reservation and Ordering. It’s a voice agent that picks up every incoming call and pushes reservations and takeaway orders directly into allO. Ten more agents are in the pipeline over the next 12-18 months.
The moat isn’t the agents themselves as anyone can build a voice bot. The moat is integration: allO already runs the rest of the stack. Horizontal AI startups don’t have those rails. Legacy POS players haven’t shipped an agentic layer. allO is positioned to do both.
Thanks to Julia! 🦒 Thanks for reading! See you soon for another issue! 👋