Vertex Ventures leads $5.1m Series A in Malaysian PoS startup StoreHub

By Shiwen Yap

January 25, 2018

Malaysia-based retail technology company StoreHub has announced the close of a $5.1-million Series A financing round led by Vertex Ventures, according to a media release.

The round saw participation from Cradle Seed Ventures, Accord Ventures and Fintonia Group. Investment proceeds will fund regional expansion in Southeast Asia, talent acquisition and product development.

Vertex Venture Holdings Ltd, a member of Temasek Holdings, is an early investor in technology majors such as Grab, Reebonz and Patsnap.

StoreHub provides a cloud-based iPad Point-Of-Sale (POS) system that enables small and medium enterprises (SMEs) such as retailers, boutiques, grocery stores and cafes to manage and grow their business, from anywhere with an internet connection.

In a statement, founder and CEO Wai Hong Fong, said, “As online retailers continue to develop and challenge brick and mortar stores, the urgency to improve and adopt technology is starting to be felt – and that’s where StoreHub comes in. Our cloud-based platform enables SME retailers to compete in a fast-changing retail landscape, by making much-needed technology accessible from a cost and ease-of-use perspective.”

The team of 80 staff operates from offices in Kuala Lumpur, Bangkok, Manila and Shanghai. The latest infusion of growth capital will see it expand its presence in its main markets of Malaysia, Philippines, and Thailand, and also venture into other markets in the region.

It also plans to double its team size in the next 12 months, with plans to launch other products and features that will help traditional brick and mortar retailers have an online presence and utilize digital marketing to grow their business.

Also Read:

Singapore: Vertex Ventures backs $21m Series C in Israeli startup Leadspace

Vertex Ventures joins funding rounds of US startups Obsidian and LaunchDarkly

China Digest: SDIC joins Zensun Shanghai round; Vertex Ventures backs Neiwai

Exclusive: Malaysia’s Cradle Seed Ventures set to launch $20m second fund

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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