The company also plans to use the funds to roll out its new app and website, and to expand its teams in local markets to provide customers with a tailored experience.
Co-founders Eric Nivoix and Matthieu Boivent have been working together for over a decade in digital services, building up several B2B marketplaces in different industries. Combined, they have more than 20 years of relevant industry experience.
They claim that buying through Foodomarket’s platform is typically 15% cheaper than via traditional distributors. They say the platform also gives sellers access to a large pool of potential buyers which lowers the risk of stranded assets and food waste.
Eric Nivoix, co-founder and chief executive, said: “This is a major moment in Foodomarket’s evolution. When we set out, our aim was to mend a broken, outdated system and generate opportunity for entrepreneurs and small business owners.
“The funding just announced goes a long way towards helping us achieve those goals.
“We’ve had first-hand experience of launching and running restaurants, so we know the problems these business owners face day to day. Foodomarket was built by restaurant owners, for restaurant owners.
“Our impressive performance in France shows we’re doing something right and launching our offering in the UK was the logical next step. We can’t wait to hit the ground running.”
The round was led by Alven Capital, a leading European venture capital firm that has supported other successful marketplace businesses including Ankorstore, Meero, and OpenClassrooms.