Foodomarket is a B2B online marketplace where food suppliers come to sell quality produce and the hospitality industry comes to get the best of deals and produce. Foodomarket handles and guarantees payments for suppliers.
The French firm has raised £9.5 million in a Series A funding round led by Alven Capital which will fuel expansion in the UK - aready in London, a 12 month trail saw over 500 restaurants sign up. Funds will also see the 'first elements of expansion in the US'.
“This is a major moment in Foodomarket’s evolution. When we set out, our aim was to mend a broken, outdated system and generate opportunity for entrepreneurs and small business owners. The funding announced today goes a long way towards helping us achieve those goals,” says Eric Nivoix, co-founder and CEO of Foodomarket.
Foodomarket's growth tripled in 2022, and the company enjoys a 92% repeat business rate. Co-founded by Nivoix and Matthieu Boivent, Foodomarket says it’s typically 15% cheaper buying through it’ platform than via traditional distributors.
“We’ve had first-hand experience of launching and running restaurants, so we know the problems these business owners face day to day. Foodomarket was built by restaurant owners, for restaurant owners. Our impressive performance in France shows we’re doing something right and launching our offering in the UK was the logical next step. We can’t wait to hit the ground running," says Nivoix.
"We were extremely impressed by the quality of Foodomarket's business model, and we're delighted to be investing in this B2B marketplace model, which is shaking up and digitalising the practices of players in this value chain. The depth of the market enables us to envisage building a leading international player and bringing ever greater value to our partners and customers,” says Rodolphe Menegaux, Partner at Alven.