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Capital Business
Posted at 07:00 AM ET, 05/13/2013

Foodem raises $600K from investors

Foodem has raised $600,000 from investors as the start-up continues to build a Web site where restaurants, hotels and other bulk food buyers can place their orders for fish, beef, vegetables and other items.

Foodem allows a bulk food buyer to compare prices from different distributors and place orders electronically. It then stores their shopping list and prices to streamline future orders and allow buyers to track costs.

Founder Kash Rehman said the company has recruited a raft of local food and restaurant supply vendors, including Metropolitan Meat, Seafood & Poultry, S. Freedman & Sons, FoodPro and Belair Produce, among others.

Bethesda-based Panacea Capital Advisors led the investment round, along with a slate of angel investors. The money will be used to continue developing the Web site and add to Foodem’s staff of five full-time employees, Rehman said.

The company was part of a business incubator program at Baltimore’s Emerging Technology Centers and secured $75,000 from the Maryland Technology Development Corp. last August.

Follow Steven Overly on Twitter: @StevenOverly

By  |  07:00 AM ET, 05/13/2013

 
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