Australia's largest wholesale food marketplace, FoodByUs, which services restaurants, has closed a $12M Series B.
Base Capital led the round. FoodByUs connects restaurants with wholesale food and beverage suppliers while integrating with Xero to stay on top of costs and to invoice in real-time. The marketplace now hosts 3000 suppliers in Australia, representing 60% of the market. With such a large slice of the wholesale pie, FoodByUs can give restaurants lower prices due to their pricing power.
On the other side of the market, over 1200 restaurants are signed up already, and there was impressive growth in 2022. The capital will be invested in the product team, sales, and marketing divisions. Existing investors Macquarie Capital, F J Labs, and Trawalla Group also participated in the round. Interestingly, the website highlights 'FoodByUs for Home', which could unlock a huge new market in the future.