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Trusted by restaurant (retailers) chains owners & chefs worldwide, FoodRazor provides Back-of-House F&B operators an omnichannel platform to manage paper receipts and syncs with accounting software. Helping merchants to digitise data entry while providing insights for better purchase decisions, cutting costs, and increasing profit margins.
Back-of-House operations in small restaurants still rely on traditional methods, leading to human resources inefficiencies and cost mismanagement.
Solution & Product
FoodRazor empowers retailers by digitizing invoice management, providing line-item data insights, and optimizing the vendor ordering system. Empowering retailers to reduce operational costs, improve transparency and accountability.
The current focus is on high-income countries in the region, Singapore, Australia, New Zealand, and Hong Kong, which houses over 120,000 F&B locations ready for digital transformation.
FoodRazor is ideal for businesses with high invoice volumes and volatile supply price changes. The main target is F&B owners with 1-5 locations but also work with larger players as well as accounts who serve a portfolio of F&B Clients. FoodRazor has also successfully attracted customers from other verticals - pet shops, constructions, and cosmetic products.
FoodRazor is helping more than 300+ retailers in 11 different markets digitizing over 1 million invoices worth $1bn of transactions.
MRR of $14,000 + $2,650 from invoice credits and revenue run rate of more than $260k for 2021.
F&B Back-of-House is an untapped space, with many opportunities to collaborate with Front-of-House players for holistic integrations.
Key Team Members
FoodRazor team blends F&B experience with strong technical expertise to create and deliver a product that actually helps F&B owners in a way they understand.
FoodRazor is raising S$350,000 on a S$1.5m pre-money valuation for their pre-series A round. Investments of S$250,000 secured from Cocoon Capital (https://cocooncap.com/) and 2Be.lu (https://2be.lu/).
FundedHere is looking to raise $150,000 to close this round.
Use of Funds
Funds will be used to further drive growth and tech enhancements to reach $60k MRR by Q2 2022.