Seed capital comes to London start up that helps street food traders set up shop
A LONDON-based tech startup that aims to modernise the street trading sector has secured £350K seed capital investment from private Singapore fund B.O.H LLC.
StreetDots works with major landlords to open street trading pitches or 'dots' that can be booked by street food traders and other retailers via a one stop app. The technology handles rent, documentation and licensing liberating both parties from paper trails and admin. Each dot hosts a different trader each day bringing variety to local workplaces and communities.
StreetDots will use the funding to expand its network of dots from 30 to 70 by Spring and to introduce retail and restaurant brands to its network. It will also add more features to its technology platform as it gears up for a £4.5m Series A fundraising early this year.
StreetDots co-founder Atholl Milton said: “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 is changing this and has already transformed dormant space across the UK into vibrant street food hubs. We are looking forward to opening our network to other types of traders and redefining the retail landscape of our cities and beyond.”
B.O.H is headed by entrepreneur Laksh Vaaman, vice chairman of the Indian Motherson conglomerate.
Vaaman said: “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.”
B.O.H’s other investments include iTutor, a New York based educational platform; League Apps American sports league management software, and British health tech firm Doctify.
StreetDots works with private and public landlords including British Land, Land Securities and TH Real Estate to run a network of smart trading pitches or ‘dots.’ Once traders are registered and vetted, they can book a pitch instantaneously using StreetDots Trade Smart app.