- FoodRazor helps restaurants save up to 20% of costs, time and make smarter purchases
- The Singapore startup is streamlining back offices of more than 300 restaurants worldwide
- FoodRazor is waiving 3 months of subscription fees for customers that sign up by May 2020 to support the F&B industry.
May 14, 2020 — FoodRazor, the invoice management SaaS platform, today announced a USD 900k seed financing round led by early-stage venture capital firm Cocoon Capital alongside Found. Ventures and prominent angel investors.
FoodRazor’s end-to-end online platform generates up to 20% cost savings for F&B operators by saving time on menial data entry tasks and helping make smarter purchase decisions. By digitising the entire invoice management process, FoodRazor provides restaurants with actionable insights, price analytics, and streamlining of the accounting workflow. The platform scans and extracts information from paper receipts and imports each line item to leading accounting software packages, solving a major headache for F&B operators.
Since its launch, the company has expanded its global footprint to 300 restaurants across Singapore, Australia, New Zealand, Dubai, Hong Kong, Canada, the United States, and the United Kingdom.
To assist the F&B industry during the COVID-19 downturn FoodRazor is waiving 3 months of subscription fees for customers that sign up by May this year. “This is our small way of giving back to the community that has allowed us to thrive. Currently, more than 90% of restaurants still rely on manual back end processes. FoodRazor empowers small businesses to become more resilient”, said Niles Toh, CEO and Founder of FoodRazor.
“FoodRazor has allowed us to manage the backend processes of multiple locations remotely, helping both the flow of goods and improving margins. The F&B industry has been heavily affected by COVID-19 but solutions like FoodRazor allow us to maintain operations efficiently and effectively so that we can focus on keeping our customers happy in the safety of their homes”, said Marco Basile, Regional General Manager Asia Pacific at HANS IM GLÜCK.
The fresh funds will support FoodRazor’s expansion into new markets, strengthening its position as a global invoice management platform. The company also plans to support other invoice-heavy industries such as accounting, manufacturing, and logistics.
“FoodRazor is a global-first startup and Cocoon Capital is proud to support a company that is helping the USD 3.4 trillion F&B industry during this difficult period. We are excited to work with the team to realise their vision of digitising the F&B industry and creating more resilience for the future”, said Michael Blakey, Managing Partner at Cocoon Capital.