Thai restaurant management firm nets series B money from Grab investor, others

Thailand-based restaurant management startup FoodStory announced that it has raised an undisclosed sum in its series B funding round led by Beacon VC, the venture capital arm of Kasikornbank.

Photo credit: FoodStory

Investors including JWD InfoLogistics also participated in the financing round.

FoodStory provides dine-in and delivery management services for restaurants, buffets, coffee shops, and food trucks, among others. It also handles back-end operations including integration with accounting systems, and has FoodStory Market, its own restaurant supply marketplace for purchasing raw ingredients online.

The fresh funds will be used for product development to help improve its clients’ operation efficiency. The company is also looking to turn data into insights for restaurant owners so they could optimize their businesses.

“Through Beacon VC’s investment and collaboration with FoodStory, we aim to support small and medium-sized restaurants by improving their access to financial products and funding through data utilization,” said Thanapong Na Ranong, managing director of Beacon VC.

FoodStory offers several subscription packages and hardware equipment to cater to the different needs of restaurants.

In July 2018, it received US$1 million in investment from restaurant review platform Wongnai. The companies also partnered up to launch a point-of-sale platform that digitizes meal ordering, billing, and inventory control.

Meanwhile, Beacon VC has also backed Thailand-based fintech startup Robowealth with an undisclosed amount of funding for its series A round in January. The firm focuses on funding early- to growth-stage startups working with finance, consumer internet, and enterprise technology. Some of the companies it has invested in are Grab, FlowAccount, Eventpop, Jitta, InstaReM, and Aspire.