(L-R) StoreHub Co-Founders Congyu Li and Wai Hong Fong
Malaysia’s homegrown startup StoreHub, which provides an online platform that enables restaurants and retailers to automate their business, has raised US$13.5 million (RM60.7 million) in a pre-Series B fundraising round led by 500 Global.
Existing investors Vertex Ventures Southeast Asia & India, OSK Ventures and others also joined.
The new capital will be used to maintain positive unit economics and invest in technology innovation.
Established in 2013 by Wai Hong Fong and Congyu Li, StoreHub was started by providing a cloud-based SaaS point of sales (POS) system. In addition, it has also expanded its offering to include QR-based table ordering, loyalty, automated customer engagement, and more.
The platform serves over 15,000 retail and restaurant outlets across Malaysia, Thailand, the Philippines, and others.
Since its launch, StoreHub has served a wide range of SME merchants in Malaysia, ranging from locally-grown multistore cafes (VCR and Nasken Coffee) to restaurants like Grub by Ahong & Friends and WoodFire.
Also Read: StoreHub set for SEA expansion after securing US$8.9M in Series A+ round
“With ‘revenge travel’ and ‘revenge dining’ continuing to drive consumer behaviour in Malaysia and across the region, retail and F&B business owners are looking for ways to improve operational efficiency and maximise their revenue per customer. Our platform automates ordering, payments, and customer engagement,” said CEO Wai Hong Fong.
“Here in Malaysia, we have seen businesses transform themselves to adapt to the new normal. Labour shortages and more demanding and digitally-savvy consumers have increasingly impacted the industry, with restaurants and Mamak eateries especially being hit hard recently. With this, it has become even more critical for businesses to integrate technology into their operations,” Fong added.
In the last 12 months, StoreHub claims to have processed over 128 million transactions worth over RM7.2 billion in gross transaction volume (GTV), a 40 per cent increase over the previous year. New paying stores coming onto the platform have also seen a 5x growth from the year before.
In 2021, StoreHub reached close to net profitability by growing average customer revenue throughout the pandemic.
In June 2020, StoreHub raised US$8.9 million in a Series A+ funding round led by Vertex Ventures, with participation from Accord Ventures and a private family office. The company had previously raised US$5.1 million in its Series A round, bringing its total raised funding to US$14 million.
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