INVOICE management software provider FoodRazor has bagged US$900,000 in seed funding from early-stage venture firms Cocoon Capital and Found. Ventures, alongside angel investors.
The startup provides food and beverage operators with an online platform that scans and extracts information from paper receipts and imports each line item into accounting software, helping the merchants digitise data entry, while providing insights for purchase decisions.
FoodRazor claims that its software can generate cost savings of up to 20 per cent for F&B merchants. The startup serves 300 restaurants in Singapore, Australia, New Zealand, Dubai, Hong Kong, Canada, the US and the UK.
The startup will tap the fresh capital to explore offering its solutions to other invoice-heavy industries such as accounting, manufacturing, and logistics, as well as to expand into new markets.
"FoodRazor is a global-first startup and Cocoon Capital is proud to support a company that is helping the US$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.
To assist the F&B industry during the Covid-19 downturn, FoodRazor is waiving three months of subscription fees for customers that sign up by this month.
"Currently, more than 90 per cent of restaurants still rely on manual back-end processes. FoodRazor empowers small businesses to become more resilient," said Niles Toh, FoodRazor's chief executive.