Raising Finance

Indie retailer network StreetHub rebrands with £1.7m from Secret Escapes and ASOS investors

3 min read

19 October 2015

Former deputy editor

StreetHub, a UK-founded network for independent retailers, has secured a £1.7m investment from Octopus, Index and angel investors, which has allowed the business to embark on a rebrand under the new guise of Trouva.

The Shoreditch-based company was named in our Everline Future 50 in March, recognised for its innovation around providing a selection of handpicked boutique partners to consumers who aren’t necessarily to follow chain-dominated brands on the high streets.

Based on the web and mobile, StreetHub shoppers are able to browse and buy online or find independent retailers close to their whereabouts.

The £1.7m investment marks the firm’s second funding round and was led by Secret Escapes investor Octopus. It comes weeks after Octopus launched a $140m Opportunities fund to support mature high-growth firms.

Meanwhile, ASOS investor Index Ventures continued its support of the business formerly known as StreetHub with additional investment alongside Octopus and a number of angels to take the total amount of funding received to £2.5m.

The capital is going to support a transition to be recognised as a new web brand called Trouva – an adaption of the word trouvaille, meaning a lucky find. The site comes complete with products from more than 350 independent retailers that are embracing ecommerce to challenge high street giants and online-only firms.

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Items found on the site include fashion, homeware and gift ideas, all of which are curated by team members in a big to take away “the inconvenience of back-street boutique browsing.” Meanwhile, the goods are available for global shipping, click and collect or one-hour delivery in certain areas.

A Trouva parter at lifestyle boutique Roullier White said that the “community is great, because it brings together a selection of retailers that stand out and offer a really inspirational mix of products”. Elsewhere, Dan Rigby, the owner of home and gift shop Rigby & Max said its sales have increased by ten per cent over the month via the network.

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“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,” said Mandeep Singh, co-founder of StreetHub.

“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.”