Foodem, which bills itself as the “only business-to-business online food marketplace,” launched version 2.0 of its online interface today, and has announced its raising of $600,000 in angel funding. One of the funding partners in Foodem’s angel round is Panacea Capital Investors, Inc., based in Bethesda.
As Technically Baltimore reported in August, the Foodem platform “allows wholesale buyers — like hotels, restaurants and catering companies — to connect directly with food manufacturers and distributors, and do it all through a single web interface where buyers can compare food prices across distributors for up to 50 different products at one time.”
CEO and founder Kash Rehman, who has experience in supply chain management and once ran a food distribution company, believes it’s a more efficient way for people in the food industry to compare prices, a task that would normally be done through numerous phone calls to different food vendors.
Watch Kash Rehman present at Baltimore TechBreakfast in July 2012:
Rehman launched the beta version of Foodem in November 2010. His client base is located mostly in the greater Baltimore city-Washington, D.C., area, and includes Capital Meat Company, Metropolitan Meat and Fells Point Wholesale Meats.
Foodem is “pre-revenue” right now, said Kiana Lewis, marketing specialist with Foodem, in an e-mail. The startup employs five people full-time and is one of many based out of the Emerging Technology Center‘s business incubator.
In summer 2012, Foodem received $75,000 from the Maryland Technology Development Corporation (TEDCO). At the time, Foodem announced in a press release it would use the money to launch Foodem 2.0 in Q4 of 2012.
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