StoreHub set for SEA expansion after securing US$8.9M in Series A+ round
Malaysian tech startup StoreHub has raised US$8.9 million in a Series A+ funding round led by its existing investor Vertex Ventures Southeast Asia and India, with participation from Accord Ventures and a private family office.
The company had previously raised US$5.1 million in its Series A round, bringing its total raised funding to US$14 million.
The newly added capital will be used to support “aggressive growth and expansion” within Southeast Asia’s growing e-commerce industry.
Co-founder of StoreHub, Wai Hong Fong, believes that e-commerce will continue to grow in the future, as the region experiences a shift driven primarily by technology.
“As consumers now all have smartphones in their hands, they are becoming more informed and have expectations of delivery times and service standards. What we’re seeing is that the businesses that are thriving are embracing technology to automate the management and growth of their stores, while those that don’t are struggling to cope with the drastic changes in consumer behaviour,” he asserts.
StoreHub is a cloud-based platform which enables restaurants and retail entrepreneurs across Southeast Asia to “automate the growth of their revenue and customer base”, thus helping clients to improve the efficiency of their operating system.
According to the co-founders, the company did not start off as an operating system and was first a tablet-based POS provider. However, now the startup has grown from 3,000 to over 13,000 stores in Southeast Asia, with transactional growth from US$269 million to US$1.2 billion to date.
“Investors really liked our strong unit economics and recurring revenue model which are key to our sustainable growth and ability to reach profitability very quickly when we want to,” said Wai Hong Fong.