StreetDots, a platform for street traders, has raised a £350,000 Seed round from private Singapore fund B.O.H LLC.
Founded in 2014, StreetDots partners with private and public landowners to open trading spaces or ‘dots’, which can then be booked by street traders via the StreetDots Trade Smart app. Each dot hosts a different trader each day, providing local communities and workplaces with a variety of stalls.
While the app is free for traders, StreetDot’s income derives from a rent split with the landlord of each dot. The platform also handles admin for both parties, including rent, documentation and licensing.
Atholl Milton, co-founder of StreetDots, commented: “Street trading is one of the oldest ways of doing business, yet the last to be modernised. It’s hard to believe that in 2017 it is still very much a paper-based sector.”
StreetDots plans to use the funds to expand its network of dots from 30 to 70 locations in early 2017. This will include sites outside of London, and the startup is also looking to introduce a range of retail and restaurant brands to its network.
Additionally, the firm says it will add more features to its technology platform, and hopes to raise a £4.5m Series A this year.
“We are looking forward to opening our network to other types of traders and redefining the retail landscape of our cities and beyond,” Milton added.
Having previously invested in UK HealthTech startup Doctify, Laksh Vaaman, head of B.O.H, commented: “Like our other investments, StreetDots is a true disruptor. It’s exciting to see how quickly it has gained buy-in from big name land partners, traders and consumers in such a short time. We look forward to helping them grow.”