StreetHub, a network of independent retailers, has closed a USD2.6 million (GBP1.7m) funding round led by Octopus Ventures, investors in SecretEscapes, Swoon Editions and SwiftKey).
This second funding round also attracted further investment from Index Ventures (Farfetch, Net-a-Porter, ASOS), Playfair Capital (Appear Here) and a group of Angel investors. The investment will be used to support the launch and promotion of StreetHub’s new brand and website Trouva, as well as to build out the StreetHub platform.
Trouva brings together a selection of boutiques from StreetHub’s network of 350 independent retailers, who have come together to use e-commerce to compete with larger chains and online-only retailers. Their collections are designed to provide an alternative to chain-dominated, identikit high streets. Everything on the site is available for world-wide shipping, as well as click and collect and one-hour Shutl delivery (to selected postcodes).
Trouva has a team of curators who handpick unique gift, fashion and homeware items only found in independent shops – putting a sense of wonder and discovery back into shopping whilst taking away the inconvenience of back-street boutique browsing.
Mandeep Singh, co-founder of StreetHub, says: “We’ve seen huge success with our iPhone app launch last year, with over 40,000 customers using the app to discover and purchase from independent shops in their local vicinity. This is how we identified the compelling opportunity to also serve people who are keen to discover shops which are a little further afield too, and offer worldwide shipping. 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.”
