Malaysia-based foodtech startup Food Market Hub (FMH) has bagged US$ 4M in a Series A funding round held in November 2020, co-led by Go-Ventures and the Susquehanna International Group of Companies (SIG).
Proceeds from the funding round will be used by FMH to fortify its presence in its home country, Malaysia, as well as to expand its footprint into Indonesia, Thailand and Vietnam.
Food Market Hub, founded in 2017 by Anthony See and Shayna Teh, provides food and beverages (F&B) procurement and inventory management services. Its cloud-based procurement and inventory platform keeps track of everything in one place. FMH simplifies the procurement, operational and inventory control tasks while also keeping the food costs at a minimum to help business owners manage these operations effortlessly. It also makes use of AI to help restaurants forecast forthcoming buying needs and suggested usage of raw ingredients by analyzing reports of weather and past data. A customized central kitchen management system is also provided that helps F&B operators manage multiple outlets with features like AI prediction, smart production module, outlet ordering management, detailed reports, among many more. Supply chain management services are also provided to budding restaurant chains to help them manage their warehousing and logistics.
It has partnered with various reliable suppliers to help source raw ingredients for its existing clients and currently supports over 2,000 F&B outlets across Malaysia, Singapore, Hong Kong and Taiwan. Annually, it claims to be processing over US$ 200M in purchase orders.
Anthony See said a single restaurant may require processing some 200 purchase orders every month. Previously, most of this was done manually, making the process boring as well as prone to human error. He went on to add that when a restaurant grows or becomes a franchise using a central kitchen, the management processes become even more complex.
He quoted, “Having run F&B outlets previously, I know the agony points involved and we set up Food Market Hub to address this problem.”
Food Market Hub strives to make every F&B business run effortlessly and become sustainable.
Go-Ventures is the investment arm of popular Indonesian ride-hailing giant gojek. The firm has to date made 9 investments in startups namely Mobile Premier League, PasarPolis, eFishery, Mall91 and Pluang to name a few.
About the Susquehanna International Group of Companies (SIG)
Founded in 1987, the Susquehanna International Group of Companies (SIG) is one of the major privately held financial institutions in the world. With more than 1,500 employees worldwide, SIG works in the field of trading and market making, institutional sales, research, private equity, venture capital, and investment banking. It has offices across North America, Europe, Asia, and Australia.
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