Original post by e27
Food Market Hub automates the purchasing and inventory-tracking process, helping F&B businesses minimize wastage while managing food costs and inventory.
Food Market Hub, an F&B business technology provider in Malaysia, said today it raised US$8.5 million in an extended Series A round to financing led by AC Ventures Malaysia (backed by Malaysia’s Penjana Kapital fund).
Returning investors Go-Ventures, SIG, and 500 Global, besides new backers East Ventures, Velocity Ventures, Capital Code, and unnamed angels also joined.
This deal brings the startup’s total Series A funding to US$12.5 million and follows a US$4 million Series A round in November 2020.
The fresh capital will enable Food Market Hub to expand to Indonesia, penetrate the local market further, and strengthen its presence in Singapore and Thailand by 2022.
Established in 2017, Food Market Hub provides an online platform that automates the purchasing and inventory-tracking process, helping F&B businesses minimize wastage while managing food costs and inventory more efficiently.
F&B restaurants can order from their existing and new suppliers using the platform while automatically syncing data from point-of-sale (POS), inventory, and accounting systems for procurement decision-making on a single platform.
Other integrations to third-party software are available, providing managers and owners with comprehensive data in real-time to manage their business efficiently.
Beyond Malaysia, the firm already has a footprint in other Asian markets such as Hong Kong, Taiwan, Thailand, and Singapore. With its recent expansion into Indonesia, the company now has a presence in six countries.
It now eyes to enter new markets such as Vietnam. Over the next year, Food Market Hub plans to provide financing tools to support the recovery of regional F&B businesses.
Since early 2020, the company claims to have doubled its active users to 5,000. The annualized total order value has grown more than 4x in the past 12 months to US$600 million in October 2021.
Its customers include café chains such as The Coffee Academics, large restaurant groups Putien and Din Tai Fung, and Yum Brands, which runs the KFC and Pizza Hut franchises.
Food Market Hub has also recently expanded its offerings by launching its payments service in Malaysia, enabling F&B businesses to send invoices and collect payments within the platform.