Developed in partnership with entrepreneurial technologists that have built other best of breed consumer-facing technology on web and mobile platforms, Foodem.com is an online trading, business intelligence and process automation solution for the $650B U.S. wholesale foodservice industry. By enabling Buyers (restaurants and other food service organizations)
“TEDCO is proud to support entrepreneurial companies like Foodem through the MTTCF,” said Robert Rosenbaum, president and executive director of TEDCO. “Foodem empowers small businesses and local farms through technology, which dovetails nicely with our mission. We fund transformative innovations, and Foodem is poised to provide a novel solution to the marketplace.”
Foodem CEO and founder, Kash Rehman, experienced first-hand the costly inefficiencies of the procurement process that plagues both buyers and sellers during the nine years he ran a broadline food wholesaler and owned a restaurant in College Park, MD. “The ability to comparative “one-stop shop” simultaneously among multiple local suppliers will establish the price transparency Buyers need to manage and even reduce their food costs,” said Rehman. “In addition, Sellers will be able to market to customers that they can’t reach normally with their limited direct sales force.”
Greatly expanding the number of distributors a buyer can access, including specialty food manufacturers and local farms, Foodem.com will also enhance Buyers’ assortment and delivery options. On the backend, Foodem’s ability to offer automated order processing reduces errors while real-time reporting improves menu pricing decisions. The service’s GIS web-based technology allows customers to know the origins of the products they purchase, which is useful in monitoring both food quality and food health issues.
Real-time, customized product catalogs, branded virtual storefronts, and targeted advertising and promotional opportunities increase a seller’s return on their marketing investment; automated inventory and pricing updates and an interface with their ERP systems will lower processing costs and increase customer satisfaction;
With the $75k commitment from TEDCO, and interest shown by the general public, local food alliances, restaurants, government agencies and industry leaders alike, Foodem is poised to launch Foodem 2.0 in Q4 of 2012. The company is seeking to raise a seed round of $250k to validate key elements of the business model.
About The Maryland Technology Development Corporation (TEDCO)