Invoice management startup bags $900k in seed round led by Cocoon Capital

Invoice management software-as-a-service platform FoodRazor said it has closed a US$900,000 seed financing round led by early-stage venture capital firm Cocoon Capital.

Found Ventures, the VC arm of co-working firm Found8, and prominent angel investors also participated in the funding round, according to a statement.

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FoodRazor is a Singapore-based startup that develops software to help food and beverage businesses optimize their back-end operations.

The company’s cloud-based platform digitizes the entire invoice management process and provides restaurants with insights and price analytics. It scans information from paper receipts and imports each line item into existing accounting software packages.

The startup plans to use the new capital to support its expansion into new markets. Since launching in 2015, the company has extended its global footprint to over 300 restaurants across Singapore, Australia, New Zealand, Dubai, Hong Kong, Canada, the US, and the UK.

“Currently, more than 90% of restaurants still rely on manual back-end processes. FoodRazor empowers small businesses to become more resilient,” said its founder and CEO Niles Toh.

In addition to the food and beverage sector, FoodRazor also aims to add support to other invoice-heavy industries such as accounting, manufacturing, and logistics.

In light of the Covid-19 pandemic, the startup said it would be waiving three months of subscription fees for customers that sign up by May this year.