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.
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.
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.”
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