SINGAPORE, August 26, 2021 — Momos, a SaaS platform for the F&B industry started by ex-Grab, Uber, Microsoft, and Intuit execs, has announced its Seed funding round of USD 6.5 million. Momos helps restaurants maximize revenue and growth through its marketing, reviews and analytics platform. Momos is dedicated to helping restaurants scale and build their businesses, and is pushing forward the shift towards the eCommerce-ization of the Food and Beverage industry.
The funding round was co-led by Sequoia Capital India and Alpha Wave Incubation (AWI), which is backed by DisruptAD and managed by Falcon Edge Capital. Global investors K3 Ventures, Captii Ventures, Hong-Kong based Integrated Capital, HOF Capital, JIA Group, and leading angel investors from global food delivery and software companies also participated in the round.
Online restaurant aggregation and food delivery has created $500 billion of market cap globally. As the space has evolved over the last few years, restaurants are needing more tools to keep pace and maximize their online channels. Through its SaaS platform, Momos aims to solve this problem globally by providing a unified interface for restaurants to work across the food delivery platforms, social media, and other online channels. Momos’ marketing, customer service, and analytics tools help restaurants manage all of their online operations, allowing them to grow their businesses. By streamlining and simplifying the approach, Momos allows restaurants to focus on what they do best, making food that people love.
“We started Momos during the pandemic to help restaurants embrace the massive change happening in the F&B industry. Diners, regardless of if they are ordering delivery, dining-in or taking out, interact with the restaurant entirely online now”, said Sai Alluri, Co-founder and CEO. “We think of ourselves as building Shopify for F&B, but in reverse. Working with the top restaurants in the region, we’ve built tools a restaurant needs to maximize growth across social media, food delivery, and other online channels. We also help them create new revenue streams by launching their own virtual delivery-only brands. We think eCommerce for F&B is here to stay; our goal is to help restaurants embrace this change by helping maximize everything they do.”
“We are big believers in Food-tech and Food delivery”, says Anirudh Singh from Alpha Wave Incubation. Our thesis is that F&B will continue to grow online; Momos fits directly into that by providing the tools and platform to allow restaurants to embrace and manage this growth. With a clear focus on helping restaurants increase their revenues, we feel Momos has a compelling value proposition to help their clients scale their presence online.”
“F&B is a large and evergreen market with several multi-billion-dollar companies serving the cost side of restaurant operations such as delivery, POS payments, etc.” says Aakash Kapoor, VP, Sequoia India. “Momos has built a unique and compelling SaaS platform to instead help restaurants grow their business. Sai and Andrew are incredible operators and Sequoia Capital India is excited to partner with them on this journey.”
Momos, headquartered in Singapore, is working with both large and small F&B organizations across the region, including The Lo & Behold Group, Flash Coffee, Guzman y Gomez, and Wolf Burgers, and virtual brands such as Tree Side Nasi Lemak, COOP by Neon Pigeon, and Curry Fried Chicken. The latest funding will support the company’s global expansion plans, ability to continue delivering value to its restaurant partners, and further build out the Momos platform. “We really believe in this region as a hotbed for talent and is an amazing place to build a global SaaS company”, says Andrew Liu, Co-founder and CBO. “Restaurants are facing the same challenges everywhere; we have ambitions of building a global company from Singapore to address their needs and will continue investing heavily as part of our international strategy.”