Malaysia-based startup StoreHub has raised US$850,000 from 500 Startups, as well as undisclosed investors in China, Singapore and Malaysia.
It will use the newly-raised capital to accelerate its regional expansion plans.
Launched in 2014, StoreHub offers SMEs including retailers, boutiques, grocery stores and cafes a cloud-based iPad point-of-sale (POS) system, intelligent inventory management, CRM and business analytics — all on one platform.
Subscription fees start from US$39 per month.
“We bootstrapped the company in our first 12 months after which we got a small investment from
an angel investor as well as the CIP 500 grant from Malaysia’s Cradle Fund. This initial funding
allowed us to grow our product quickly and we’ve been cashflow positive and profitable since late
2015.” said Fong Wai Hong, Co-founder & chieftain at StoreHub, in an official press statement.
StoreHub’s solutions is currently deployed in over 850 stores in Malaysia, Philippines, Indonesia and Thailand. In 2014, it was a finalist at the Alliancebank Bizsmart Academy SME Innovation Challenge.
Former MaGIC CEO Cheryl Yeoh is one of StoreHub’s advisors.
“StoreHub’s model, growth and strategy will scale across the region in a huge way. The founders have strong vision and execution experience and I believe that they are the right people at the right time to build this,”said Yeoh.