StoreHub Raises US$13.5m Pre-Series B Round Led by 500 Global

By Chong Jinn Xiung

Malaysia-based tech startup previously raised US$8.9 million in its Series A+ round in 2020.

Tatler Asia
Fong Wai Hong, co-founder and chieftain, StoreHub
Cover  Fong Wai Hong, co-founder and chieftain, StoreHub

StoreHub has announced that it has raised US$13.5 million in its pre-Series B round of funding. The investment round was led by venture capital firm 500 Global, which Gen.T honouree Khailee Ng serves as its managing partner. The round also saw the participation of existing investors, including Vertex Ventures Southeast Asia and India and OSK Ventures.

The Malaysia-based technology platform, specialising in Point of Sale (POS) systems for retail customers, last raised US$8.9 million in its Series A+ round in 2020. According to Crunchbase, StoreHub has raised a total of US$28.6 million over six rounds of funding since its founding in 2016.

Co-founded by Fong Wai Hong and Congyu Ling in 2013, the platform powers over 15,000 retail and restaurants across the region. StoreHub has since moved beyond selling POS systems and has ventured into QR-based ordering systems, automated customer engagement and more.

Encouraged by the 'revenge travel' and 'revenge dining' trend as customers travel and eat out more with the lifting of Covid-19 restrictions, StoreHub is optimistic that increasing demand for goods and services will push retailers to improve their operational efficiency.

StoreHub is reported to have processed over 128 million transactions in the past 12 months, with gross transaction volume measured at over US$1.6 billion. 

Fong says there are already plans for a Series B round following this successful fundraising round. According to him, StoreHub has reached close to net profitability a few times over the years, with the latest in December 2021.

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