Malaysia-based food and beverages (F&B) procurement and inventory management startup Food Market Hub (FMH) has announced it has secured US$4 million in Series A round of funding. The round of funding was co-led by Go-Ventures and US-based investment firm SIG.
The company plans to use the fresh capital to increase its market share in Malaysia and later expanding into Indonesia, Thailand, and Vietnam.
As per a press note, FMH plans to use the funds to strengthen its presence in its home country, as well as to expand into Indonesia, Thailand and Vietnam.
Founded in 2017 by Anthony See and Shayna Teh, the company offers a cloud-based platform that automates the purchasing and inventory-tracking process using artificial intelligence. It connects restaurants and their suppliers who can place orders through the system. Technology helps predict purchasing needs which can result in a more effective inventory control.
“A single restaurant may need to process some 200 purchase orders every month. Previously, most of this was done manually, making it tedious as well as prone to human error,” said Co-founder Anthony See.
“And when a restaurant grows or becomes a franchise using a central kitchen, complexity increases exponentially. Having run F&B outlets previously, I know the pain points involved and we set up Food Market Hub to address this problem,” he remarked.
“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.”