Editor’s note: This story has been updated after Food Market Hub confirmed, in a press release on Thursday, DealStreetAsia’s report on the company’s fundraising.
Malaysia-based Food Market Hub (FMH) on Thursday announced it has raised $8.5 million in the second tranche of its Series A round from venture capital (VC) investors including AC Ventures Malaysia and returning backers Go-Ventures and SIG.
The startup runs a cloud-based app that enables food and beverage establishments to automatically purchase and track their supplies and inventory. It also provides forecasts for their supply needs.
The latest financing brings FMH’s Series A funding total to $12.5 million.
DealStreetAsia had on Wednesday reported the startup’s plans to raise at least $8.4 million in a Series A1 round from these investors, citing regulatory filings.
The lead investor in the latest tranche is SEA Frontier Fund, which is backed by AC Ventures Malaysia and matched by the Malaysian government via its Dana Penjana Nasional programme.
FMH targets two kinds of customers. About 60% of its 5,000 active users — these are restaurants that have used its app to order supplies in the last 30 days — are paid users, while 40% are free.
Users pay to integrate the FMH app with their accounting and other back-end systems. It also makes money by processing online payments between restaurants and suppliers.