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Malaysia's Food Market Hub raises $4 million; over $200m in processed orders annually

Over 2000+ F&B outlets use their service.


Malaysia's Food Market Hub raises $4 million; over $200m in processed orders annually | BEAMSTART News

Malaysian startup, Food Market Hub, announced today that the company has raised $4 million in a Series A funding round.

The round was co-led by Go-Ventures and SIG.

The company was founded back in 2017 by Anthony See and Shayna Teh, both who were former cafe owners

As cafe owners, they realised that increasing food costs were a problem within the F&B industry, and wanted to provide a solution for people like themselves. 

The Food Market Hub model.

Food Market Hub provides food and beverages (F&B) procurement and inventory management to F&B operators, allowing them to effectively track and manage their businesses more effectively — saving a tremendous amount of time and cost,

The platform automates purchasing and inventory-tracking by connecting outlets with their central kitchens and suppliers digitally. 

The solution also leverages on artificial intelligence (AI) to create predictive models to forecast future purchasing needs and optimizing inventory control to reduce costs.

Currently, Food Market Hub supports over 2,000 F&B outlets across Malaysia, Singapore, Hong Kong, and Taiwan. The company claims to process close to US$200 million in purchase orders on an annual basis.

The Food Market Hub team.

Moving forward, Food Market Hub plans to use the funds to scale across Southeast Asia, particularly in Indonesia, Thailand, and Vietnam. 

They also look to further strengthening their "home-ground" presence in Malaysia.

“Technology has the ability to revolutionise the F&B sector, which has been badly hit by the pandemic,” said Nigel Quah, Investment Professional at Go-Ventures. “The FMH team has the deep industry expertise and has demonstrated that the F&B industry can benefit greatly from AI, analytical technology and automation.”

ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

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