Food Market Hub raises US$4m in Series A funding from Go-Ventures and SIG
MALAYSIA-BASED Food Market Hub has raised US$4 million in Series A funding from Go-Ventures and SIG, it announced on Wednesday. Read more at The Business Times.
and business newsSign upThe solution also consists of artificial intelligence technology which helps F&B businesses forecast their purchasing needs by analysing past data to recommend usage of raw ingredients - resulting in better food inventory control.
Started in 2017 by co-founders Anthony See and Shayna Teh, Food Market Hub supports over 2,000 F&B outlets operating in Malaysia, Singapore, Hong Kong and Taiwan. These F&B outlets have placed close to US$200 million in purchase orders through its system on an annual basis, Food Market Hub said.
Mr See said a single restaurant may need to process some 200 purchase orders every month. Previously, most of these orders were processed manually, a tedious process which is also prone to human error."When a restaurant grows or becomes a franchise using a central kitchen, complexity increases exponentially," he said. headtopics.com
Existing customers include F&B outlets such as Din Tai Fung, KFC, Putien, Paul Lafayet, Arabica and The Drunken Pot."Despite the challenges facing the F&B sector, customers have continued to pay for the system and input over 90 per cent of their orders into the solution," Food Market Hub said in a press statement.
Nigel Quah, Go-Ventures investment professional said:"Go-Ventures will facilitate partnerships, to help Food Market Hub to rapidly expand in Indonesia as well as regionally."BT is now on Telegram! Read more: The Business Times »
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