Tech firm secures $13.5-M funding
Southeast Asian tech startup StoreHub has raised $13.5 million in new funding to ramp up support for restaurants and retailers in the Philippines and the rest of the ASEAN region seeking to automate and grow their businesses.
The company said Wednesday that the pre-Series B funding round was led by 500 Global with participation from existing investors Vertex Ventures Southeast Asia and India, OSK, and others.
“With ‘revenge travel’ and ‘revenge dining’ on the surge, retail and F&B business owners are looking for ways to improve operational efficiency and maximize their revenue per customer.
“StoreHub enables business owners to make more money and make more time for their families, or to expand even more,” StoreHub CEO and Co-Founder Wai Hong Fong said.
The latest funding round will be used to continue fueling healthy growth and technology innovation to deepen the value of each customer.
“We joined their first round in 2016, with a small $150,000 check. Fast forward to today, we have invested more than $10 million cumulatively on top of that,” Khailee Ng, Managing Partner at 500 Global, said.
Locally, StoreHub has been the partner of many restaurants, cafes, and retail stores in successfully automating their operations. It is one of the few point-of-sale system providers accredited by the Bureau of Internal Revenue.
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