Food Market Hub co-founders Anthony See and Shayna Teh
Many eating places nonetheless depend on spreadsheets to trace their stock of produce, meat and different components. But utilizing handbook strategies typically leads to meals wastage and better prices. Malaysia-based Food Market Hub is a cloud-based platform that connects meals and beverage (F&B) shops on to suppliers, making it simpler to speak and handle orders. The startup introduced immediately it has closed a Series A spherical of $Four million from Go-Ventures, the funding arm of Gojek, and SIG.
This brings Food Market Hub’s whole funding to $4.7 million thus far. Founded in 2017 by Anthony See and Shayna Teh, Food Market Hub is presently utilized by about 2,000 meals and beverage shops in Malaysia, Singapore, Hong Kong and Taiwan. The platform handles about $200 million in buy orders on an annual foundation and is utilized by well-known manufacturers like Din Tai Fung, Kentucky Fried Chicken and Putien.
Food Market Hub automates buying and stock monitoring by connecting meals and beverage shops with central kitchens and suppliers. Orders may be positioned by way of the platform or by e-mail and WhatsApp. The platform additionally makes use of AI-based tech to forecast buying wants by analyzing previous information.
Part of Food Market Hub’s Series A can be used to increase into Indonesia, Thailand and Vietnam. Teh informed TechCrunch that the corporate selected these three nations as a result of they’re the most important meals and beverage markets in Southeast Asia, and share many similarities with Malaysia.
“The F&B sector doesn’t use digitized procurement and stock administration options, which ends up in inefficiency and important added prices,” she mentioned.
Several different startups centered on digitizing the meals provide chain in these nations have additionally lately raised enterprise capital funding, together with Thailand’s FreshKet, Indonesia’s Eden Farm and TaniHub, and Singapore-based Glife.
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Teh mentioned Food Market Hub doesn’t view these corporations as rivals, as a result of they give attention to supplying produce and different components to eating places. Instead, Food Market Hub’s core enterprise “is a communication platform that enables eating places to speak with and place orders to their current suppliers,” she mentioned.
“In truth, our clients will probably use our platform to position orders to those corporations sooner or later,” she added.
Food Market Hub’s goal clientele embrace eating places which are rising into chains or franchises, which implies handbook buy orders and stock administration shortly turns into inefficient. Before they began utilizing Food Market Hub, many consumers relied on Excel spreadsheets and notebooks to trace stock degree and positioned orders by way of telephone calls, emails or WhatsApp, Teh mentioned.
The firm claims near zero churn, with purchasers sticking to the platform until their restaurant shuts down. Unfortunately, many meals and beverage companies have been compelled to shut due to the COVID-19 pandemic, together with a few of Food Market Hub’s clients. On the opposite hand, the pandemic underscored the significance of controlling stock carefully to handle prices.
“Restaurant house owners and managers embraced know-how at a a lot quicker price than ever earlier than and now we have been a beneficiary,” mentioned Teh. “We have seen file demand for our merchandise in latest months and are onboarding a whole bunch of shops every month and anticipate this to solely speed up going ahead.”
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