iPad POS system developer StoreHub has scored $5.1m in its Series A round led by Vertex Ventures.
Malaysia-based StoreHub is a retail management system for SMEs which offers an iPad POS solution, inventory management, CRM and business analytics. Founded in 2014, the company is used by retailers, boutiques, grocery stores and cafes.
The company is currently used by more than 3,000 retail stores across 15 countries and over the past year, it has helped retailers transact $270m.
StoreHub plans to use this equity to support its expansion across the South East Asian region, with a focus on boosting its presence in its existing locations Malaysia, Philippines, and Thailand, but also to new markets.
The company is also looking to double the size of its team, as well as launching new products and services, as more companies look to have an online presence and use digital marketing.
StoreHub founder and CEO Wai Hong Fong said, “Most retailers in Thailand (approximately 1.1 million) and the Philippines (approximately 500,000) have not yet adopted technology which can help them run their businesses more efficiently, attract new customers or improve their inventory management and ordering. As online retailers continue to develop and challenge brick and mortar stores, the urgency to improve and adopt technology is starting to be felt – and that’s where StoreHub comes in.”
Last year, Vertex Ventures closed its third SouthEast Asia venture fund with a $210m pool of capital. The vehicle is the first to receive backing from outside investors, a report by Bloomberg stated.
Malaysia’s FinTech sector saw a lot of activity last September after several company’s closed investments in the country or planned to expand operations there. Shariah compliant gold digital investment platform Hello Gold closed a $12m Series A round. Around the same time as this, financing platform CapitalBay received $477k in an investment round.
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