F&B-targeted point-of-sale (POS) system integration company Sphere has raised seed round of S$340,000 in a seed round facilitated by private investment platform, Fundnel. The investors participating include Start Up Nation and Start Global Ventures, the Singapore company said in a statement.
Sphere said the funds will be used to grow the marketing and sales team in Singapore and in Malaysia, where it hopes to expand next year.
Start Up Nation is a Singapore-based early-stage startup investor with an accelerator arm. Start Global Ventures is a private angel fund based out of Malaysia, an executive from Fundnel told DEALSTREETASIA.
Sphere currently offers a low-cost solution handling advanced menu ordering, table management, and basic staff management functions. Going forward, it seeks to develop an easy and affordable way for restaurants to integrate data across multiple systems.
By bringing together F&B solutions from partner apps, Sphere hopes to help F&Bs simplify their operational workflow while reaping the benefits of multiple services through integration.
“There are a lot of amazing apps and services out there targeted at addressing retail and F&B pain points, such as Reservation, Loyalty Programme and Mobile Waiter apps. Unfortunately, it’s very difficult for F&B owners with limited staff resources to manage multiple systems and provide good service at the same time. Our goal is to become a platform for our app partners,” founder Christopher Cai said.
Sphere is founded by Cai, a seasoned developer whose products include Viddsee, a local video-curation startup, and Timothy Han, a familiar name in the local F&B industry and director of Palm Beach Seafood.
Cai is among the core team that make up Start Up Nation, according to website details.
Start Global Ventures general partner Dharmanandan Sai commented that his investment decision was driven by Sphere’s exceptional back-end integration infrastructure and development team.
“Our private investment fund has invested in a number of businesses via the Fundnel platform and we were especially impressed at the professionalism of the Sphere team. We will be able to add immediate value to Sphere via our other portfolios in the integration space,” he said.
Sphere’s existing client base spans different F&B types, including Yee Cheong Yuen Noodle Restaurant, a small full-service Chinese restaurant, several cafes and a bespoke bar.