Known for helping retailers and restaurants automate and develop their businesses, Southeast Asian startup StoreHub gets $13.5 million worth of funding to bolster its operations in the Philippines and across the rest of Southeast Asia.
Spearheaded by 500 Global alongside participating investors OSK, Vertex Ventures Southeast Asia and India, etc., the pre-Series B funding round was made possible through collaborative efforts.
Established in 2013 by business partners Wai Hong Fong and Congyu Li, StoreHub was built pioneering cloud-based point of sales (POS) systems across the ASEAN region. Garnering massive success in the region, the company is now responsible for powering 15,000 restaurants and retail outlets, which now include more advanced functionalities, such as QR-based table ordering, automated customer engagement, etc.
With a business function that tracks sales of its paying customers, StoreHub is in a strong position to predict where the business is headed. Judging by the record of its overall transactions in the past 12 months or over 128 million transactions worth over $1.6 billion in Gross Transaction Volume (GTV), the startup is seeing a resurgence in the market.
While that is certainly a good omen, it is especially so to the SMEs that are looking to increase their profit—one that can be grown by as much as five times from the previous year by simply jumping onto the platform.