Momos, a startup providing an online platform for marketing, reviews, and analytics to F&B businesses in Singapore, has received US$6.5 million in a seed funding round co-led by Sequoia India and Alpha Wave Incubation, a US$300-million early-stage fund.
Other investors include K3 Ventures, Captii Ventures, HOF Capital, JIA Group, Hong Kong-based Integrated Capital, and angel investors from global food delivery and software companies.
With the new investment, the SaaS startup plans to bankroll its expansion plans as part of an international strategy, enhance its value proposition for restaurant partners, and further build its platform.
Momos was launched in 2020 by Sai Alluri and Andrew Liu, former executives at Grab, Uber, Microsoft, and Intuit. The platform offers restaurants a unified interface to operate across meal delivery systems, social media, and other online channels, and launch virtual delivery-only brands.
“We started Momos during the pandemic to help restaurants embrace the massive change happening in the F&B industry,” said CEO Alluri. “We think of ourselves as building Shopify for F&B, but in reverse.”
Andrew Liu, Momos co-founder and CBO, added that they realised restaurants faced the same challenges everywhere and consider the region a hotbed for talent and global SaaS companies.
According to Aakash Kapoor, VP, Sequoia India, F&B is a vast and growing market, with numerous multibillion-dollar corporations catering to restaurant operations’ cost side, including delivery and POS payments.
“Momos has built a unique and compelling SaaS platform to instead help restaurants grow their business,” said Kapoor.
The company is working with large and small food and beverage firms in Southeast Asia, including The Lo & Behold Group, Flash Coffee, Guzman y Gomez, and Wolf Burgers.
Besides, it counts virtual brands such as Tree Side Nasi Lemak, COOP by Neon Pigeon, and Curry Fried Chicken among the partners.
A report by Consumer Foodservice by Location in Singapore says that cafés/bars, limited-service restaurants, and street stalls/kiosks are leading the US$8.3-billion F&B foodservice industry in Singapore, which is anticipated to grow at a CAGR of 2.1 per cent by 2023.
Image credit: Momos
The post Momos rakes in US$6.5M financing to grow its F&B SaaS platform beyond Singapore appeared first on e27.