Daily Markup

Daily Markup #596: StoreHub raises US$13.5M to help restaurateurs and retailers succeed through automation and enhanced efficiency

September 26, 2022 · 2 min read
Credit: StoreHub

Automate for smoother operations

  • Offering excellent service is paramount to success for F&B and retail businesses — not just to manage sales orders efficiently, but also to maintain customer loyalty.
  • 500-backed business automation company StoreHub offers an all-in-one platform that helps restaurants and retail business owners deliver this better. Clearly, their solution is solving a real problem with the company counting more than 15,000 businesses in Malaysia, Thailand, and the Philippines as clients.
  • The team raised US$13.5M in pre-Series B funding to advance technological and product innovation while deepening the value and quality of StoreHub’s services. The round was led by 500 Global, with participation from OSK and Vertex Ventures Southeast Asia & India.
  • According to StoreHub, their platform has processed over 128 million transactions worth around US$1.6 billion in gross transaction volume in the past 12 months — a 40% surge from the previous year.
  • To keep up with the growth, the team hired 100 new members in the last six months. They added that the company was “close to net profitability” at the end of 2021.
  • Khailee Ng, Managing Partner at 500 Global, said the latest investment round marks the first of 500 Global’s many “really big bets” taken in the venture capital firm’s top-performing companies. He estimates there are an additional 2 million restaurants and retailers in Thailand, Malaysia, and the Philippines for StoreHub to serve.
  • Congratulations to the StoreHub team!
  • Read the full story in The Business Times.
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