Singapore-based invoice management platform FoodRazor has raised USD 900,000 in a seed funding round led by Cocoon Capital, alongside Found Ventures and several angel investors, the company announced on Thursday.
The firm will use the capital for its expansion into new markets, to strengthen its position as a global software platform, as well as to support industries such as accounting, manufacturing, and logistics.
Currently focused on F&B companies, FoodRazor digitizes the invoice management process, providing restaurants with insights, price analytics, and help to improve their accounting workflow. Its solution scans and extracts information from paper receipts, then imports each line item into the accounting software. FoodRazor’s system also serves restaurants to make smarter purchase decisions, according the firm.
“Currently, more than 90% of restaurants still rely on manual back end processes. FoodRazor empowers small businesses to become more resilient,” said Niles Toh, founder and CEO.
Since its establishment in 2015, FoodRazor has assisted more than 300 restaurants across Singapore, Australia, New Zealand, Dubai, Hong Kong, Canada, the US, and the UK.
As the F&B industry is severely affected by the COVID-19 pandemic, FoodRazor is currently waiving the three-month subscription fee. This is a way to give back to the community that has allowed FoodRazor to thrive, according to Toh.