Retail tech startup StoreHub bags US$8.9m in Series A+ round

SINGAPORE retail tech startup StoreHub has raised US$8.9 million in Series A+ funding, led by returning investor Vertex Ventures Southeast Asia & India.

Also participating in this round were Accord Ventures and a private family office, StoreHub said in a media statement on Wednesday.

To date, StoreHub has secured about US$15 million in funding. This includes US$5.1 million in a Series A round led by Temasek-linked Vertex Ventures in 2018, and about US$1 million in seed funding back in 2016, a company spokesman told The Business Times.

The new injection of funds will be used to finance StoreHub's expansion in the region, the company said.

Founded in 2013 by Fong Wai Hong and Li Congyu, StoreHub has expanded from a simple tablet-based point-of-sale provider to an omnichannel operating system with offerings including an e-commerce platform, a QR code-powered loyalty cashback programme, and a table ordering system.

It has also grown from being in 3,000 stores in 2018 to over 13,000 stores in South-east Asia today.

Chua Joo Hock, managing partner at Vertex Ventures Southeast Asia & India, said that StoreHub's "rapidly growing user base and high retention rate" were strong indicators of the platform's value.

"Capitalising on its strength in tech and understanding what businesses need, StoreHub enables businesses to increase their revenue and productivity," added Mr Chua.

The startup has a regional team of 325 employees across multiple offices in Kuala Lumpur, Bangkok, Manila and Shanghai.