StoreHub looking to raise $1.5m Series A, in talks with Life.SREDA, other VCs

Visual of StoreHub iPad POS.

Point-of-sale (POS) system startup StoreHub is considering to raise a $1.5 million Series A round, to power its regional expansion and product development.

A person in the know, who declined to be named, said the talks have been on-going for a few weeks and while there was no deal set in stone yet, the vibe has been positive especially from one of the venture capital firms (VCs).

“StoreHub has been in talks with Singapore-based Life.SREDA. They have also had conversations with other VCs but these have not progressed to discussions,” the person quoted above added.

StoreHub was in Singapore recently to meet Russian-run fintech venture capital firm Life.SREDA.

DEALSTREETASIA recently reported that Life.SREDA was planning to invest an estimated $80 million to $90 million into fintech startups in the Asia Pacific, through the second and third quarters of 2015.

Read here: Life.SREDA to invest $80m-$90m in APAC fintech ventures

In an interview with DEALSTREETASIA, co-founder Fong Wai Hong said the company was open to strategic investors who can help StoreHub scale in the region and China, as well as open doors to possible technology partnerships.

He confirmed that the startup will consider investments upwards of $1.5 million but declined to elaborate.

“We will look to fundraise if the right investors come along,” he responded.

If a Series A round was raised, Fong said, it will be to supplement StoreHub’s geographical expansion and continuous product development.

StoreHub co-founder and "chieftain" Fong Wai Hong
StoreHub co-founder and “chieftain” Fong Wai Hong

“We want to expand in Asia Pacific, with a focus in Southeast Asia, and potentially China because we have a team there,” he said of plans for the next six to 12 months.

StoreHub’s China team is lead by co-founder and CTO, Congyu Li.

In the last quarter of 2014, StoreHub received two rounds of funding, one in the form of a MYR500,000 ($167,000) grant under Cradle Fund’s CIP 500 programme, and an angel investment of $100,000, in which the angel investor took up a low double-digit percentage stake in StoreHub.

The angel investor, Fong said, was an entrepreneur in his early thirties who is also involved in the fintech space.

The double shot of funding that amounted to around $267,000 has given StoreHub wings to expand its team three-fold to 13 people and ramp up its marketing efforts and thus, grow its customer base.

“We have tripled our sales in March this year, and we have over 200 customers now, half of which came on board in the last two months,” Fong said, “That’s the kind of trajectory we are on.”

StoreHub’s customers now include big-name cafes, food trucks, retail outlets, mini markets and pharmacies.

This year, the startup has seen its sales growing at an encouraging pace of 30 per cent month-on-month. “Our revenue is currently pacing at a rate of $1 million annualized and will continue to grow throughout the year.”

StoreHub recently partnered with US-based cloud accounting system provider QuickBooks Online to integrate the accounting solution in StoreHub’s POS system.

Its POS system is also integrated with three Malaysian banks – Maybank, CIMB Bank and Hong Leong Bank’s mobile POS (mPOS) credit card payment system, which technology is courtesy of another local startup Soft Space International.

Soft Space International is also looking to raise a Series A funding round of $10 million.

Also read: VC Life.SREDA to launch fintech accelerator InspirAsia

Exclusive: Russian VC Life.SREDA moving HQ to Singapore, targets $100m second fund

Malaysia’s Soft Space in early talks to raise $10m Series A funding

Philippines’ VMoney eyeing local, overseas deals to expand fintech business

Singapore Reporter/s

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. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

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. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.