Foodtech Start-up
Eunoia Launches with S$800K In Seed Funding
Eunoia Launches with S$800K In Seed Funding
· Eunoia helps F&B outlets trim the fat
around operational costs – through technology
around operational costs – through technology
· One of the largest foodtech seed funding
rounds in Southeast Asia; investment led by Golden Equator Capital
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
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.
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.”
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.
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.
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.”
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.
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.”
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.
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
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.
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
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.
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.
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.
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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