‘Click and Collect’ marketplace StreetHub secures $1.2m in deal led by Index Ventures and Octopus Investments
Seed funding to extend service to independent retailers across the UK
London-based start-up StreetHub has raised $1.2m in a seed funding round led by Index Ventures and Octopus Investments.
The deal also attracted backing from technology investment firm Playfair Capital and equity venture organisation Avonmore Developments, alongside several angel investors and advisors from the technology, retail and logistics sectors.
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Launched in November 2013, StreetHub operates a reserve online, ‘Click and Collect’ marketplace for local independent retailers which allows shoppers to browse items available in their local area on their smartphone, tablet or laptop, and then purchase items to collect later in store.
The business focuses on curated content from home, gift, and fashion boutiques and currently works with 150 shops in key London areas; Shoreditch, Notting Hill, Stoke Newington, Islington, and Bloomsbury.
The early-stage tech company intends to utilise the funding to support the roll-out of its offering to new areas of the UK over the next year.
The finance will also be used grow its staff numbers.
Mandeep Singh, co-founder of StreetHub, said: “We’re very pleased to have some of the most successful investors from the crossroads of tech and retail joining us.
“Since we launched last month we have heard great feedback from our retailers who are now being discovered by new customers from across London. The majority of customers now research online, and buy offline, but independent shops lack the scale and technology to take advantage of this trend, which is why we set up StreetHub.”
Frederic Lardieg, member of the ventures team at Octopus Investments, commented:
“Bridging the online and offline worlds in retail, StreetHub allows people to discover what products are available around them, in real time, […] while supporting independent local retailers.
“The internet has been working against the high-street for many years but mobile is the channel that allows local retailers to fight back. We look forward to working with the dynamic management team at StreetHub in the next phase of the company’s development.”