POS startup StoreHub secures $8.9m in Vertex-led round

StoreHub, which offers an omnichannel operating system for retail and F&B businesses across Southeast Asia, has raised US$8.9 million in a series A+ round led by existing investor Vertex Ventures Southeast Asia and India.

StoreHub co-founders Congyu Li (left) and Wai Hong Fong / Photo credit: StoreHub

Tokyo-based Accord Ventures and an undisclosed private family office also participated in the round, which pushed the startup’s total funding to date to US$15 million, according to a statement.

The point-of-sale system provider plans to use the new capital to help fund its “aggressive” growth and expansion plans in line with Southeast Asia’s booming economy.

StoreHub CEO Wai Hong Fong founded the company in 2013 alongside Congyu Li, who currently leads StoreHub’s product and engineering team. Since the company’s establishment, StoreHub has expanded from a simple tablet-based POS provider to a robust operating system that offers an ecommerce platform, QR code-powered loyalty rewards programs, and a table ordering feature.

It claims to power over 13,000 stores in Southeast Asia, with a recorded transaction value of over US$1.2 billion in the last 12 months. StoreHub offices in Kuala Lumpur, Bangkok, Manila, and Shanghai that accommodate its team of 325 people. 

In early 2018, StoreHub raised US$5.1 million in a series A round that was also led by Vertex Ventures. Prior to that, the startup received US$850,000 in seed funding from Silicon Valley-based VC firm 500 Startups and other unnamed investors in 2016.