A bigger plate
- 500-backed Malaysian startup Food Market Hub (FMH) announced it has raised US$8.5 million in the second tranche of its Series A round. This brings its total Series A funding to US$12.5 million.
- FMH’s platform enables F&B businesses to automate the purchasing and tracking of their supplies and inventory. The startup claims that its annualized order value for 2021 has grown four times to US$600 million from 2020.
- According to co-founders Anthony See and Shayna Teh, in addition to strengthening its presence in Malaysia, the startup is planning to expand its presence in Indonesia, Singapore, and Thailand. It also operates in Hong Kong and Taiwan.
- FMH is also planning to enter the Vietnam market to offer credit financing to restaurants. In Malaysia, it recently launched payment services, enabling users to send invoices and collect payments within its platform.
- Read the full article on DealStreetAsia (a subscription may be required).
A brighter future
- The Mobius, a battery-powered motorcycle, has been launched by 500-backed startup Ion Mobility.
- Its Singapore facility is targeting to manufacture 500 motorcycles and 500 battery packs per month. A second facility will open in Indonesia next year, boosting production to 1,500 motorcycles.
- According to founder and CEO James Chan, consumers face significant barriers in switching to an electric motorcycle. To address this, Ion Mobility will offer a leasing plan.
- The Mobius is planned to improve local air quality. “Motorbikes emit 16 times more hydrocarbons, three times more carbon monoxide, and a disproportionately high amount of other air pollutants compared with passenger cars,” he explained.
- Read the full article in The Straits Times.