Retail website StreetHub reveals $2.6m funding round led by Octopus Ventures

 
Caitlin Morrison
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StreetHub founders (L-R) Maxim Berglund, Mandeep Singh and Alex Loizou

StreetHub, a network of independent retailers, has announced a $2.6m (£1.7m) funding round, led by Octopus Ventures.

The group also received investments from Index Ventures, which has stakes in online retailers Asos, Farfetch and Net-a-Porter, among others, as well as a number of other angel investors.

The new funding round coincides with the launch of StreetHub’s new website, Trouva, which brings together a selection of boutiques within the group’s network. The online venture will provide world-wide shipping, with click and collect and one hour Shutl delivery available in selected postcodes.

StreetHub co-founder Mandeep Singh said the success of the company’s iPhone app, which launched last year, had shown the firm “the compelling opportunity to also serve people who are keen to discover shops which are a little further afield too, and offer worldwide shipping”. According to StreetHub, the app has been used by over 40,000 customers since it launched.

“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,” added Singh.

Dan Rigby, owner of home and gift shop Rigby & Mac said: “Trouva is already having a significant impact on our sales.” He added that over the last month, the shop’s sales had gone up 10 per cent “thanks to Trouva”.

Lawrece Roullier White, owner of East Dulwich-based lifestyle boutique Roullier White, said: “Being part of the Trouva community is great, because it brings together a selection of retailers that stand out and offer a really inspirational mix of products, enabling shoppers to find something a bit different wherever they are based.”

StreetHub was founded in 2013, by Singh, Maxim Berglund and Alex Loizou. The trio raised a $1.2m seed round from Octopus Investments, Index Ventures and Playfair Capital. To date, the firm has raised $3.8m.

The company’s network of retailers consists mainly of London and Brighton-based fashion and homewares shops, although it aims to expand across the rest of the UK.

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