Foodtech Start-Up Eunoia Launches To Help F&B Businesses

  • Thursday, 16 June 2016 00:00
  • Published in Business News
  • Read 1469 times

Eunoia, a Singapore-based food technology start-up has launched with S$800,000 (US$589,000) 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.

The start-up 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 the start-up 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 the country’s F&B industry at 4.1 percent in 2015. Productivity is also on a decline in the accommodation and food services sector, decreasing one percent 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 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 (US$760) to S$2,500 (US$1,800) in Singapore’s F&B industry—Eunoia’s tech solutions solve the more pressing issue for business owners: a lack of available workers. The system has an implementation fee of about US$90 per month; potentially saving businesses up to approximately US$43,000 yearly. This is based on the assumption of an F&B outlet with 20 tables hiring two service staff after implementing the system, rather than having to hire four service staff at a monthly wage of US$1,800 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 also take 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.

Mr Zwee commented: “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.

Bryan Ong, director of Strumm’s Holding Private Limited, 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.”

  • Last modified on Friday, 17 June 2016 11:27
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