Retail marketplace StreetHub secures £1.7m to launch new e-commerce service

Start-up's new e-commerce brand Trouva sells handpicked goods for worldwide distribution and wants to "fight back against larger chains"

Independent retail marketplace StreetHub has raised £1.7m investment in a follow-on round led by Octopus Investments, Index Ventures, Playfair Capital and several angel investors.

Founded in 2013, the Startups 100-listed app helps its network of 350 independent outlets connect their online and offline operations; to increase exposure and drive sales.

The funding will fuel the launch of its new e-commerce site Trouva which aims to “fight back against larger chains and online-only retailers” by making a range of specially curated, unique fashion and homeware goods available for world-wide shipping, click-and-collect and Shutl delivery.

The business, which has raised £2.5m to date, will also use the investment to enhance the StreetHub platform.

Mandeep Singh (pictured far right), co-founder of StreetHub, commented:  “We’ve seen huge success with our iPhone app launch last year, with over 40,000 customers using the app to discover and purchase from independent shops in their local vicinity.

“This is how we identified the compelling opportunity to also serve people who are keen to discover shops which are a little further afield too, and offer worldwide shipping.

“Trouva is the logical next step for us in our mission to help our amazing independent retailers to reach an even wider audience and help more customers to discover these inspiring, individual collections of products.”

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