Malaysian POS platform, StoreHub raises its $13.5M Pre-Series B
*This article was first published on *Tech In Asia.
StoreHub, a point-of-sale (POS) startup based in Malaysia, has raised US$13.5 million in a pre-series B funding round led by 500 Global, with participation from OSK and Vertex Ventures Southeast Asia & India.
Founded in 2013, StoreHub offers a platform that helps restaurants and retailers accept payments, manage table ordering, and maintain customer loyalty. It currently counts more than 15,000 businesses in Malaysia, Thailand, and the Philippines as its clients.
The company said that it processed over 128 million transactions worth 7.2 billion ringgit (around US$1.6 billion) in gross transaction volume in the past 12 months, a 40% surge compared to the previous year.
To manage the growth, StoreHub said it hired 100 new employees in the last six months. It also said that it was “close to net profitability” in end-2021.
The firm plans to use the fresh funding for product development purposes.