StoreHub lands $5.1M fund to help Asean SMEs digitize their businessJanuary 26, 2018
StoreHub, a startup that helps retailers digitize their business, has closed a US$5.1 million Series A round led by Vertex Venture to expand in Southeast Asia.
The startup offers point-of-sale technology and digital services to retailers. The idea is to help bring the long tail of less sophisticated physical merchants online to help them digitize their finances and inventory management.
StoreHub charges around $39 per month for its POS services — which it sells hardware for — and it is currently present in Malaysia, Thailand and the Philippines where it claims to work with some 3,200 retail stores.
Now it has plans to expand to other markets in Southeast Asia. Nothing is set in stone, but the company is eying Indonesia, Vietnam, and Cambodia among other destinations, said Techcrunch
In addition to Vertex Ventures, which is a part of Singaporean sovereign fund group Temasek, Malaysia’s Cradle Seed Ventures, Accord Ventures and Fintonia Group also participated in the funding round.