With participation from OSK and Vertex Ventures Southeast Asia & India, StoreHub, a Malaysian point-of-sale (POS) business, has secured US $13.5 million in a pre-series B investment round managed by 500 Global.
StoreHub, which was established in 2013, provides a platform that enables restaurants and merchants to receive payments, handle table orders, and sustain patron loyalty. More than 15,000 companies in Malaysia, Thailand, and the Philippines are now among its clientele.
According to the business, it handled over 128 million transactions totalling 7.2 billion ringgit (about US$1.6 billion) in the last 12 months, a 40% increase from the prior year.
StoreHub said that in the previous six months, it employed 100 new staff in order to handle the increase. It said that by the end of 2021, it will be “near to net profitability”.
The company intends to use the additional funds for product development.
Congyu Li and Wai Hong Fong founded StoreHub. In a series A+ fundraising round sponsored by Vertex Ventures Southeast Asia & India in 2020, it raised US $8.9 million.
