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Retail Tech Startup StoreHub Raises P781 Million in Pre-Series B Funding Round

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A pre-Series B funding round of $13.5 million (roughly P781 million) was completed by Southeast Asian tech startup StoreHub, a platform that helps restaurants and retailers automate and expand their businesses. The company plans to use the funds “to strengthen its operations in the Philippines and the rest of ASEAN.”

Vertex Ventures Southeast Asia and India, OSK, and other previous investors joined 500 Global in leading the investment round.

 

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StoreHub is a platform that offers retail solutions such as a cloud-based POS system to QR-based table ordering, loyalty, customer engagement, and more. It was established in 2013 in Petaling Jaya, Malaysia. Over 15,000 retail and dining establishments are now served by the platform in their main markets, including Malaysia, Thailand, the Philippines, and other nations.

 

Particularly in the Philippines, StoreHub is quickly evolving as the go-to partner for many eateries, cafes, and retail establishments looking to successfully automate their operations. It is one of the few providers of point-of-sale systems that the Bureau of Internal Revenue has accredited (BIR).

 

Multistore cafes like Coffee Academics and Tender Loving Cakes, as well as eateries and bars like Wagyu Studio and Kondwi, are examples of SME merchants in the Philippines who use the Storehub platform.

 

StoreHub handled more than 128 million transactions totaling more than $1.6 billion in gross transaction volume (GTV) during the course of the preceding 12 months, a 40% rise from the prior year and an indication of the times’ revival.

 

“Businesses have had to make fresh alterations to adapt to the new normal amid the post-Covid rush to reopen. Accordingly, the Philippines and the region have to speed up the adoption of digital technology to keep up with the times, according to Wai Hong Fong, CEO, and co-founder of StoreHub. Retail and F&B business owners are looking for strategies to increase operational efficiency and optimize their revenue per customer in light of “revenge travel” and “revenge eating.” StoreHub enables business owners to increase their profits, spend more time with their families, or grow even further.

 

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According to a press release, growth for new paying stores that have joined the platform has increased by up to 5 times since last year. Additionally, new customer acquisition expenditures have decreased to almost break even in the first month.

 

StoreHub has been growing its staff in accordance with the soaring demand, adding over 100 new employees in the previous six months. By increasing average customer revenue during the pandemic, StoreHub was able to approach net profitability in 2021.

 

We contributed a meager $150,000 to their first round in 2016, so we joined. Today, we have added more than $10 million to that investment, according to 500 Global managing partner Khailee Ng. StoreHub already has about a fourth of Toast’s customer base and expects to add another two million businesses in Thailand, Malaysia, and the Philippines. Comparable companies like Toast are valued at $10.5 billion. In turn, this produces the “rest of the world’s” playbook. Because StoreHub generates enormous value for so many more SMEs, we think it is very valuable.

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