Food Market Hub, a Malaysian supplier of food and beverage industry technology, said today that it has secured US $8.5 million in an expanded Series A round-headed by AC Ventures Malaysia (supported by Malaysia’s Penjana Kapital fund).
Returning investors Go-Ventures, SIG, and 500 Global have joined, as have new investors East Ventures, Velocity Ventures, Capital Code, and anonymous angels.
Following a US $4 million Series A investment in November 2020, this deal increases the startup’s total Series A funding to US $12.5 million.
By 2022, the new funds will allow Food Market Hub to grow into Indonesia, deeper enter the local market, and improve its foothold in Singapore and Thailand.
Food Market Hub, which was founded in 2017, is an online platform that automates the purchase and inventory-tracking process, allowing food and beverage firms to reduce waste while better controlling food expenditures and inventories.
F&B restaurants may use the platform to place orders from both existing and new suppliers, while data from POS, inventory and accounting systems is seamlessly synced for procurement decision-making on a single platform.
Other third-party software interfaces are available, giving managers and owners full real-time data to efficiently run their businesses.
Other Asian markets where the corporation has a presence include Hong Kong, Taiwan, Thailand, and Singapore. The firm now has a presence in six countries with its recent expansion into Indonesia.
It is currently looking to expand into other markets, such as Vietnam. Food Market Hub wants to provide financial solutions to help area F&B firms recover over the following year.
The startup claims to have increased its active users to 5,000 since early 2020. In the previous 12 months, the annualised total order value has increased by more than 4x to US $600 million in October 2021.
Café chains like The Coffee Academics, huge restaurant companies like Putien and Din Tai Fung, and Yum Brands, which owns the KFC and Pizza Hut franchisees, are among its clientele.
Food Market Hub recently expanded its services by providing a payments solution in Malaysia, allowing F&B firms to issue invoices and receive payments through the platform.
