Among those that participated in this round of funding are existing investors Vertex Ventures Southeast Asia and India, OSK and others, a statement from the company said.

500 Global is an early-stage venture fund and seed accelerator.

StoreHub co-founder and CEO Fong Wai Hong said that with the release of pent-up desire to travel and dine out, retail and F&B business owners were looking for ways to improve their operational efficiency to enable them to maximise revenue from each customer.

“Our platform automates ordering, payment and customer engagement. It’s like having an additional 10 persons work round the clock without any errors,” he said.

This, he added, would enable business owners to not just increase revenue but also accord them more time to spend with their families or to work on expansion plans.

Fong noted that in the new landscape of labour shortages and more demanding and digitally-savvy consumers, businesses had to integrate technology into their operations.

The StoreHub statement said that in the last 12 months, it had processed more than 128 million transactions with RM7.2 billion in gross transaction volume. This was 40% more than in the previous year.

Khailee Ng, managing partner of 500 Global, said it first invested US$150,000 (RM685,100) in StoreHub in 2016. “As of today, we have invested more than US$10.5 million (RM47.9 million),” he said.