StreetHub said Friday that it has closed $1.2 million in seed funding. Index Ventures and Octopus Investments led the round with participation from Playfair Capital and Avonmore Developments. The capital infusion will be used for growth and expansion. Based in the UK, StreetHub is a local online marketplace for independent shops.
December 20 2013 – LONDON – StreetHub, the local curated marketplace for independent shops, today announced a $1.2 million (£750k) seed round led by Index Ventures and Octopus Investments, alongside the launch of a same-day delivery service for Christmas. Its funding round also attracted investment from Playfair Capital and Avonmore Developments, as well as several angel investors and advisers from the technology, retail and logistics sectors. The investment will be used to expand the team and grow the StreetHub network, which already includes 150 shops across London.
StreetHub helps shoppers discover unique homeware and fashion items from the very best independent retailers in their local area. Customers can browse from their mobile, tablet or laptop and purchase items to collect later in-store, meaning that independent retailers can access the commercial benefits of Click & Collect. Now, for Christmas, StreetHub is also offering an ‘Emergency Santa’ service, allowing customers to book same-day delivery on last minute gifts, making it even easier to find unique presents from local independent shops. StreetHub launched in Central London last month and plans to rollout across new areas next year.
Robin Klein of Index Ventures commented: “StreetHub is building the world’s first hyper-local marketplace. We believe there is strong demand for local commerce, particularly for unique, curated items which cannot be found anywhere else other than in these independent boutiques. We’re very excited to be joining the team on the next stage of their journey.”
Commenting on investment, Frederic Lardieg, a member of the Ventures team at Octopus Investments, said: “Bridging the online and offline worlds in retail, StreetHub allows people to discover what products are available around them, in real time, from the comfort of their smartphone, 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.”
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’ve 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.”
StreetHub is a click and collect community of the local independent shops offering the best in homeware and fashion. Set up in 2013 by Maxim Berglund, Mandeep Singh and Alex Loizou, StreetHub is currently available across London, including the neighbourhoods of Shoreditch, Stoke Newington, Islington, Notting Hill and Bloomsbury.
About Index Ventures
Index Ventures is a leading venture capital firm investing in technology and life science companies. From offices in Geneva, London and San Francisco, Index is dedicated to discovering and supporting the best entrepreneurial teams wherever they are looking to build market-defining, global businesses. Since its inception in 1996, Index Ventures has backed visionary entrepreneurs who have taken on incumbents and built seminal companies including MySQL, Virata, Skype, Last.fm and Betfair. Its portfolio currently consists of more than 150 innovative companies based in 20 countries and 39 cities including Dropbox, Etsy, Funding Circle, King, Supercell, Criteo, Nasty Gal and Soundcloud.
About Octopus Investments
Founded in 2000, Octopus is one of the UK’s fastest growing investment management companies. We currently manage £3 billion of assets on behalf of 50,000 customers. We offer a straight-talking approach to investments, exceptional customer service and a range of products that do what they say they will.
The Ventures team at Octopus
The Ventures team at Octopus are straight talking human investors that back talented people rather than specific sectors. We focus on identifying fast growth businesses which can scale explosively to create, transform or dominate an industry. We can invest from £250,000 to £5 million and prefer to partner teams based in the UK.
The work of our Ventures team is supported by access to the Octopus Venture Partners, a network of approximately 100 outstanding business leaders, entrepreneurs and private investors providing an invaluable wealth of expertise and resource for our portfolio companies, as well as investing on a deal-by-deal basis alongside Octopus venture funds. This blend of knowledge and skill has allowed us to help many great companies across several sectors thrive in recent years, including: Zoopla; graze.com; SwiftKey; and Secret Escapes.
For more information visit www.octopusinvestments.com.