Foodtech Start-up Eunoia Launches with S$800K In Seed Funding
· Eunoia helps F&B outlets trim the fat around operational costs – through technology
· One of the largest foodtech seed funding rounds in Southeast Asia; investment led by Golden Equator Capital
· Clients at launch include Strumm’s Holding, owner of Molly Roffey’s and Finders Keepers
Singapore, 16 June, 2016 – Eunoia, a Singapore-based food technology start-up has launched with S$800,000 in seed funding. Eunoia helps food and beverage (F&B) businesses reduce operational costs. It does this by automating and centralising key functions, including orders and menu updates across third-party platforms and delivery apps. Eunoia is founded by Chief Executive Officer Wee Zihuan (Zwee), an Ivy-League drop-out and entrepreneur, as well as B2B e-commerce marketplace builder Arcadier. Funding into Eunoia was led by Golden Equator Capital (GE Capital). Eunoia is among the first start-ups to receive investments under GE Capital's US$40 million Technology and Innovation Fund.
F&B outlets are challenged by Singapore’s labour shortage, with job vacancy rates in Singapore’s F&B industry at 4.1 per cent in 2015.Productivity is also on a decline in the accommodation and food services sector, decreasing one per cent in Q1 2016. In May, a five-year food service sectoral manpower plan by Spring Singapore and the Workforce Development Agency (WDA) suggested technology as a key strategy to improve productivity. Zwee, Co-Founder and CEO of Eunoia said “We are immensely proud to launch Eunoia. Our vision is to help the F&B industry improve profitability by providing convenience and improve productivity through our suite of foodtech solutions. In doing so, we are well positioned to tap into Singapore’s multi-billion dollar a year F&B industry.”
Eunoia’s tech solution Ordr allows F&B customers to place orders and pay at the table using their own mobile device, reducing the reliance on manpower. It also aims to improve customer experience by empowering them to control their ordering and payment experience. The Ordr system delivers a scalable e-menu with payment facilities that seamlessly connect merchants and customers. On top of a lower cost compared to hiring a full-time employee – average monthly wages fall between S$1,000 to S$2,500 in Singapore’s F&B industry – Eunoia’s tech solutions solve the more pressing issue for business owners: a lack of available workers. Ordr has an implementation fee of S$125 per month; potentially saving businesses up to S$58,500 yearly. This is based on the assumption of an F&B outlet with 20 tables hiring two service staff after implementing Ordr, rather than having to hire four service staff at a monthly wage of S$2,500 per staff member.
F&B outlets are also expanding and adding new customer channels through food ordering apps such as Deliveroo, FoodPanda and FeastBump. These channels, while reaching new customers and providing new and optimised revenue streams, also burden service staff with additional platforms to juggle. F&B operators also need to update menus across each platform – a challenge since each platform may use different technologies, formats and APIs. These are usually managed manually by staff who are also taking orders from customers inside the outlet. With Eunoia, F&B outlets can trim their operational costs by realising efficiencies through technology, ensuring speed and accuracy.
Zwee said: “Today’s consumers are used to having everything available at their fingertips and they expect businesses to make their lives more convenient. We want to help F&B operators reach more customers, while earning more revenue with less hassle. Every food ordering platform adds more complexity, creating more work and a higher chance of errors. The automation we provide with our solutions helps businesses that want to expand, reduce errors and resolve manpower challenges.”
With its order aggregation system, Eunoia automates orders from different ordering platforms into one channel, managing order fulfilment and revenue reconciliation. Its menu management system can help syncs menu updates across all food delivery apps, eliminating uploading in different formats.
Mr Bryan Ong, Director of Strumm’s Holding Pte Ltd, said: “Customers today crave instant gratification more than ever. We have to be omni-channel to meet their needs. That means having our menu on multiple online channels, including food delivery apps. But more channels mean more devices to manage. A tight labour market means hiring additional help to resolve these issues is no longer an option. Eunoia has arrived in the market at the perfect time, solving several problems with its solutions.”
Eunoia’s clients include Strumm’s Group, which owns Molly Roffey’s and Finders Keepers. Eunoia is also actively working with its F&B merchants to partner and support the efforts of other food technology providers.
Eunoia will be conducting a pilot test of Ordr, with up to ten F&B merchants to be given the opportunity to be part of the programme. Interested parties can contact Eunoia at +65 6534 8186 or www.eunoia.asia/contact
About Eunoia (www.eunoia.asia)
Eunoia is a Singapore-based food technology start-up that helps food and beverage (F&B) businesses reduce operational costs by using technology to automate key functions and centralise orders. Solutions include an order aggregation system which automates orders from multiple app-based platforms into one centralised interface: a menu management system and Ordr (http://ordr.sg), a platform for F&B customers to place orders at outlets and pay at the table. Eunoia was founded by Chief Executive Officer Wee Zihuan (Zwee), an Ivy-League drop-out and serial entrepreneur. It is backed by Arcadier, a B2B platform creating marketplaces. The start-up recently raised $800,000 in funding led by Golden Equator Capital.
About Zwee, Chief Executive Officer and Founder of Eunoia
Zwee is a self-professed geek who became a programmer and developer, dropped out of an Ivy League degree and finally has found success as an entrepreneur. He has around sixteen years’ experience across a number of technology roles, having helped business leaders strategise, design and roll out digital offerings focussed on delivering customer value and engagement.
Zwee founded and is the Chief Executive Officer of Eunoia, a Singapore-based foodtech start-up. Eunoia works with leading F&B outlets to help them trim the fat around operational costs. It does this with its proprietary technology platform which has solutions spanning payments, CRM, fulfilment and digital ordering. Zwee also founded Savant Degrees, a business consultancy which designs and develops digital solutions for businesses, including large MNCs and public sector corporations such as P&G, PayPal and the Infocomm Development Authority of Singapore.
His first foray into business was Inspirion Creations Pte Ltd which he founded while in university. In 2012, Zwee was awarded the prestigious Spirit of Enterprise Honoree award in recognition of his entrepreneurial efforts.
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