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.