Tech startup StoreHub raises $13.5M in funding

A Southeast Asian tech startup that enables restaurants and retailers to automate and grow their business said Wednesday it has raised $13.5 million in new funding.
 
In a statement, StoreHub said it would use the amount to strengthen its operations in the Philippines and the rest of the Association of Southeast Asian Nations (ASEAN) region, particularly continuing to fuel "healthy growth and technology innovation to deepen the value of each customer."
 
The funds were raised in a pre-series B funding round led by 500 Global, with participation from existing investors Vertex Ventures Southeast Asia and India, OSK, and others, according to the startup.
 
"In the post-COVID rush to reopen, businesses have had to make new changes to adapt to the new normal. In line with this, the Philippines and the region have had to accelerate the adoption of digital technologies to meet the demands of the time. With 'revenge travel’ and 'revenge dining’, 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 get more time for their families, or to expand even more," said StoreHub CEO and co-founder Wai Hong Fong. 
 
In the Philippines, StoreHub said it is fast becoming the partner of choice for many restaurants, cafes, and retail stores to successfully automate their operations. 
 
The startup said it is one of the few point-of-sale system providers accredited by the Bureau of Internal Revenue.
 
Since its launch, StoreHub has served a wide range of small and medium enterprise (SME) merchants in the Philippines alone, ranging from multi-store cafes such as Coffee Academics and Tender Loving Cakes to restaurants like Wagyu Studio and Kondwi. 
 
"We see a huge potential for Filipino F&B and retail SMEs to grow sustainably through digitization. StoreHub is committed to helping bridge the tech gaps in the market," said Fong. — VBL, GMA News