FoodStory, a Thailand-based restaurant management startup, announced today that it has raised an undisclosed amount of funding in a Series B round led by Beacon VC, the venture capital arm of Kasikornbank.
JWD InfoLogistics, a company engaged in integrated in-land and overseas logistics businesses, also joined the round.
FoodStory (not to be confused with Indonesia’s cloud kitchen startup FoodStory) intends to use the proceeds from the round for product development, so it can in turn improve restaurant operation efficiency in the future.
Launched in 2012, FoodStory aims to enhance the Thai restaurant ecosystem by turning data into insights for owners to better understand and optimise their businesses for sustainable development.
Apart from supporting restaurant operations management, FoodStory’s solution also allows them to acquire new customers and improve sales.
On the user’s front, its smartphone app lets food lovers find and read stories, and stay in touch with the restaurants in real time.
As of now, the startup claims to have over 25,000 users on its platform.
“For the past two years, we have developed the restaurant ecosystem through a partnership with LINE MAN and Wongnai in order to help restaurants increase their revenue. We launched FoodStory Market to facilitate the online purchase of raw ingredients and address the pain points of price fluctuation, inconvenience in physical shopping, and employee fraud,” said Thagoon Chartsutipol, founder of FoodStory.
“In order to empower a comprehensive restaurant ecosystem that connects farm to folk, we need a strong financial services partner like KBank and a cold chain logistics expert like JWD to fill these gaps and successfully build on the new form of supply chain business,” he added.
“JWD Group foresees the importance and growth potential of the food industry, especially through e-commerce channels. Our investment in FoodStory is one of the e-commerce strategies to accelerate the food logistics business to cover B2B, B2C, and C2C segments in the future.
This growth will be enabled by cold chain express delivery service as well as an extensive network of temperature-controlled distribution centers and warehouses according to our business plan,” Tanate Piriyothinkul, Chief Commercial Officer of JWD InfoLogistics PCL, added.
“Despite the uncertainty within the restaurant industry due to the pandemic, Beacon VC believes that FoodStory will play a crucial role in helping restaurant entrepreneurs to survive this crisis, especially as they shift from dine-in to take-out and food delivery,” commented Thanapong Na Ranong, Managing Director of Beacon VC.
In 2018, FoodStory had raised US$1 million in funding from Wongnai.
Image Credit: FoodStory
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