Vertex leads $5m round for Malaysia's StoreHub
StoreHub, a Malaysia-based business that helps retailers digitize their operations, has raised a $5.1 million Series A round of funding led by Vertex Ventures.
Other investors included Cradle Seed Ventures, Accord Ventures and Fintonia Group. According to a release, the capital will be used to expand the company's existing Southeast Asia footprint, hire new staff, and develop additional service areas including digital marketing.
Founded in 2014, StoreHub provides point-of-sale (POS) technology and related support services to some 3,200 retailers across Malaysia, Thailand and the Philippines. POS systems on offer are said to facilitate real-time reports and inventory management as well as the collection of customer data, and phone and email support.
The company is contemplating Indonesia, Vietnam, and Cambodia as expansion markets and aims to double its current staff of 80 employees. It received an $850,000 seed round from 500 Startups and a group of unidentified investors from China, Singapore, and Malaysia in 2016.
Vertex is the venture capital arm of Singapore's Temasek Holdings. Last year, it closed its latest Southeast Asia and India fund at $210 million, exceeding the $150 million target.
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