AC Ventures, East Ventures join $8.5m round of Malaysian F&B startup

Food Market Hub, a Malaysia-based procurement and inventory management platform for the food and beverage (F&B) industry, has raised US$8.5 million in a series A+ round led by AC Ventures Malaysia, which is backed by the country’s Penjana Kapital. East Ventures and Gojek’s VC arm Go-Ventures also participated in the round.

Adding to the US$4 million series A round that the company announced in November last year, the total amount raised in this round reached US$12.5 million.

Food Market Hub core team (from left): CTO Amit Gupta, CEO Anthony See, COO Shayna Teh, head of growth and strategy Anusha Rajadorai, and head of regional expansion Chee Ping Lim / Photo credit: Food Market Hub

Food Market Hub automates the purchasing and inventory-tracking process by connecting F&B businesses with suppliers. In a statement, the company said that it currently has 5,000 active users, double the figure from early 2020. Its annualized total order value grew more than 4x in the past 12 months to US$600 million.

The company was founded by Anthony See and Shayna Teh in 2017.

It plans to use the fresh money to scale its business in Malaysia and Indonesia, while expanding to Singapore and Thailand by 2022. The firm also aims to enter other markets such as Vietnam.

See also: Are Malaysia’s startup efforts finally paying off?

Other investors in this round include:

• SIG
• 500 Global
• Velocity Ventures
• Capital Code