Malaysia-based Food Market Hub (FMH), a food and beverages procurement and inventory management startup, announced on Wednesday that it has raised $4 million from Go-Ventures and SIG in a Series A funding round.
FMH plans to use the proceeds to strengthen its market position in Malaysia and expand into Indonesia, Thailand, and Vietnam, it said in a statement.
The firm was set up in 2017, by Anthony See and Shayna Teh who previously managed several cafes.
The firm’s cloud-based platform helps F&B operators manage and track procurement and inventory. This solution automates the purchasing and inventory-tracking process, by connecting F&B outlets with their central kitchens and suppliers. Orders can be placed via the system, or by email or WhatsApp.
Big Data and AI is used to improve restaurant procurement and reduce food costs. AI helps to analyse past data to recommend usage of raw ingredients, resulting in better inventory control, FMH said.
FMH currently supports over 2,000 F&B outlets in Malaysia, Singapore, Hong Kong and Taiwan, and places close to $200 million in purchase orders through its system annually. Its existing customers include F&B outlets such as Taiwanese restaurant Din Tai Fung, fast food chain Kentucky Fried Chicken, and Chinese restaurant Putien, among others.
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