FoodByUs, a Sydney, Australia-based hospitality supply marketplace, raised $10m in Series A funding.
The round was led by Macquarie Capital, Base Capital and global marketplace investor F J Labs.
The company intends to use the funds to scale operations and accelerate growth.
The round, which followed a period of growth in annual sales more than 600% since 2019,
Started by Tim Chandler, Ben Lipschitz and Gary Munitz, FoodByUs is an online hospitality marketplace that connects restaurants, cafes, and caterers with hundreds of wholesale food and alcohol suppliers. The platform provides a free, ‘one stop procurement shop’ for small medium sized venues. Through the marketplace, independent venues can instantly search and compare hundreds of thousands of products, with transparent and consistent pricing, no credit applications, and access to the purchasing power normally reserved for much larger businesses. The platform also enables digital issue resolution, full cost reporting and automatically pushes all invoices into Xero.
The business operates across Sydney, Melbourne and Brisbane and recently expanded into the $2billion liquor sector, with current alcohol suppliers on the platform including the Liquor Co-Op and National Liquor Wholesalers.