STREETDOTS, a startup founded by a street food entrepreneur to modernise the street trading sector, has secured half a million pounds in top-up seed funding following a series of deals with high profile land partners.
StreetDots works with private and public land owners, such as British Land and Southwark Council to open pitches or ‘dots’ that can be booked by traders, from street food vans to retail brands, with an app that takes care of compliance and licensing.
The landlord benefits from extra rent and an enticing space that hosts a different trader each day. For example, in London’s Broadgate Circle office workers are treated to a different selection of vintage street food trucks every lunchtime. Traders benefit from minimal admin and the flexibility to book dots as suits their business needs.
The injection comes from private Singapore fund B.O.H Pte as an addition to its £350,000 initial investment in StreetDots in January this year.
StreetDots has proven itself to be a high growth business through recent deals with major property companies including Blackstone and NewRiver, according to B.O.H partnerAbhimanyu Munjal.
He said: “There have always been markets and street stalls across the UK, yet this multibillion pound sector remains highly fragmented. StreetDots is a first mover in modernising this area using technology that works for land owners, customers and the traders themselves.”
StreetDots will use the investment to expand its network of dots from 50 to 200 in the next twelve months. It will also add features to its Trade Smart booking app for traders and the customer-facing StreetDots app.
To date, it has focused on street food vendors, but will start to introduce other types of retail to its network, from artisan producers to retail brands wanting to reach new customers.
StreetDots was founded by former operations director Atholl Milton and retail designer Darren Callcott in 2014. At the time Milton was getting rave reviews for his street food truck selling South African dish ‘bunnychow’ yet was struggling to find a spot to park up and legally trade.
Milton said: “We’re not only hoping to streamline the business of outdoor retail trading, we’re hoping to grow the market. UK street trading laws are guided by legislation that is over a century old and its processes seem to be stuck in about the same era. Our vision is a digitally managed UK-wide network of dots that enliven our streets and bring the country’s most innovate businesses direct to customers.”