Food Market Hub (FMH), a food and beverages (F&B) procurement and inventory management startup in Malaysia, announced today it has received US$4 million in Series A financing.
As per a press note, FMH plans to use the funds to strengthen its presence in its home country, as well as to expand into Indonesia, Thailand and Vietnam.
FMH was founded in 2017 Anthony See and Shayna Teh, former cafe owners, who realised that increasing fodd costs were a probelm within the F&B industry.This led to the creation of the startup that helps F&B operators manage and track procurement and inventory.
The platform automates purchasing and inventory-tracking by connecting outlets with their central kitchens and suppliers.
It also leverages on Artificial Intelligence technology to analyse past data to forecast future purchasing needs, resulting in optimised inventory control to further reduce costs.
Currently, the venture supports over 2,000 F&B outlets across Malaysia, Singapore, Hong Kong and Taiwan, it said further claiming that it processes close to US$200 million in purchase orders on an annual basis.