Southeast Asian retail tech startup StoreHub has raised $8.9 million in its Series A+ funding round led by returning investors Vertex Ventures Southeast Asia & India, according to a statement.
The funding round, which was also joined by Accord Ventures and a private family office, brings StoreHub’s total funding to $15 million to date.
The company will use the fresh fund to bolster its expansion in line with Southeast Asia’s booming economy.
Co-founded in 2013 by Fong and Congyu Li, StoreHub has since expanded from a tablet-based POS provider to an omnichannel operating system with offerings that include an e-commerce platform, a QR code-powered loyalty cashback programme and a table ordering system.
StoreHub claims that it has seen rapid growth since its Series A raise in 2018, from 3,000 to over 13,000 stores in Southeast Asia, with transaction growth from $269 million to $1.2 billion to date.
“Their rapidly growing user base and high retention rate are strong indicators of the value in StoreHub’s platform. We’re excited to work with StoreHub to help businesses level up and stay relevant in this digital economy age,” said Chua Joo Hock, Managing Partner at Vertex Ventures SEA & India.
Vertex Ventures SEA & India is a Singapore-based venture capital fund with offices in Singapore, Bangalore and Jakarta. The fund focuses on investing in promising high-growth companies in Southeast and India’s growing consumer and enterprise markets.
It is a part of a global network of Vertex Ventures funds, each operating independently.