StoreHub, a Malaysia-based tech platform that enables restaurants and retailers to automate and grow their business, raised $13.5 million in pre-Series B funding.
The round was led by 500 Global, with participation from existing investors Vertex Ventures Southeast Asia and India, OSK, and others.
The latest funding round will be used to continue meeting demand while maintaining positive unit economics and investing in technology innovation to deepen the value for each customer.
"With revenge travel and revenge dining continuing to drive consumer behaviour in Malaysia and across the region, retail and F&B business owners are looking for ways to improve operational efficiency and maximize their revenue per customer. Our platform automates ordering, payments, and customer engagement. It's like having 10 extra staff members that work 24/7 for you with zero errors. Business owners make more money and get more time for their families, or to expand even more," StoreHub CEO, and Co-Founder Wai Hong Fong said.
StoreHub started as a pioneer of cloud-based point of sale (POS) systems in the ASEAN region. Today, the platform powers over 15,000 paying retail and restaurant outlets in Southeast Asia and has expanded its offering to include QR-based table ordering, loyalty, automated customer engagement, and more.
In the last 12 months, StoreHub has processed over 128 million transactions worth over $1.6 billion in gross transaction volume (GTV), a 40 percent increase over the previous year and a sign of the resurgent times.
Company: StoreHub Sdn Bhd.
Round: pre-Series B
Funding Month: September 2022
Lead Investors: 500 Global
Additional Investors: Vertex Ventures Southeast Asia, India, and OSK
Company Website: https://www.storehub.com/
Software Category: Retail Management Solution
About the Company: Founded in 2013 by Wai Hong Fong and Congyu Li, StoreHub is a cloud-based retail management solution that provides a revolutionary iPad point of sale (POS) system to small-to-medium enterprises (SMEs). StoreHub offers users solutions for inventory tracking, payment processing, supplier management, sales analysis, and more. Since its launch, StoreHub has served a wide range of SME merchants in Malaysia alone, ranging from locally-grown multistore cafes like VCR and Nasken Coffee (a homegrown chain of cafes with 18 stores across the East Coast) to restaurants like Grub by Ahong & Friends and WoodFire. The company is headquartered in Malaysia.