StreetHub collects £750,000 investment a month after launching

A seed funding round worth £750,000 has been raised by London start-up StreetHub with help from Index Ventures and Octopus Investments.

A number of angel investors are coming together with Index Ventures and Octopus Investments to back the growth efforts of a new digital marketplace for independent shops.

Founded in November by Maxim Berglund, Mandeep Singh and Alex Loizou, StreetHub allows users to find items from independent retailers in their local area through a mobile, tablet or computer. The service creates a click and collect platform for shops in the homeware and fashion spaces.

Joining Octopus and Index in the £750,000 seed round are Playfair Capital and Avonmore Developments – with the capital set to be used to expand the StreetHub team and grow its 150-shop strong network around London.

Singh, co-founder of StreetHub, believes that the deal brings together some of the most successful investors in the tech and retail areas.

‘Since we launched last month we’ve heard great feedback from our retailers who are now being discovered by new customers from across London,’ he adds.

‘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.’

To coincide with the new investment, and its recent launch, StreetHub has introduced an ‘Emergency Santa’ service which will allow customers to book same-day delivery on last-minute gifts.

StreetHub now joins the likes of Nasty Gal, and Farfetch as e-commerce-based businesses in the Index Ventures portfolio.

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Robin Klein, partner at Geneva, London and San Francisco-based Index Ventures, says that 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,’ Klein comments.

StreetHub is currently available in the London neighbourhoods such as Shoreditch, Stoke Newington, Islington, Notting Hill and Bloomsbury.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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