Aditya Hadi Pratama · · 1 min read500 Global, Vertex Ventures back Malaysian POS firm’s $13.5m raise
StoreHub, a point-of-sale (POS) startup based in Malaysia, has raised US$13.5 million in a pre-series B funding round led by 500 Global, with participation from OSK and Vertex Ventures Southeast Asia & India.
StoreHub co-founders Congyu Li (left) and Wai Hong Fong / Photo credit: StoreHub
Founded in 2013, StoreHub offers a platform that helps restaurants and retailers accept payments, manage table ordering, and maintain customer loyalty. It currently counts more than 15,000 businesses in Malaysia, Thailand, and the Philippines as its clients.
The company said that it processed over 128 million transactions worth 7.2 billion ringgit (around US$1.6 billion) in gross transaction volume in the past 12 months, a 40% surge compared to the previous year.
To manage the growth, StoreHub said it hired 100 new employees in the last six months. It also said that it was “close to net profitability” in end-2021.
The firm plans to use the fresh funding for product development purposes.
See also: Are Malaysia’s startup efforts finally paying off?
StoreHub was established by Wai Hong Fong and Congyu Li. In 2020, it raised US$8.9 million in a series A+ funding round led by Vertex Ventures Southeast Asia & India.
Currency converted from Malaysian ringgit to US dollar: US$1 = 4.55 ringgit.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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