Street-trading app gets £500,000 boost to expand network
A London start-up that aims to modernise street trading has secured half a million pounds in funding from Singaporean fund BOH.
StreetDots works with private and public landowners to open pitches, or "dots", that can be booked by traders via an app.
The cash injection, which values the firm at £4.4 million, comes after BOH pumped £350,000 into the company as an initial investment in January.
StreetDots will use the investment to expand its network of dots from 50 to 200 over the next twelve months, as well as extending its focus from street food vendors to include "artisan producers" and retail brands wanting to reach new customers.
Founded by Atholl Milton and Darren Callcott in 2014, StreetDots works with landlords including British Land and Land Securities.
It has also recently struck deals with the likes of Blackstone and NewRiver.
Mr Milton said: "We're not only hoping to streamline the business of outdoor retail trading, we're hoping to grow the market.
"UK street trading laws are guided by legislation that is over a century old and its processes seem to be stuck in about the same era.
"Our vision is a digitally managed UK-wide network of dots that enliven our streets and bring the country's most innovate businesses direct to customers."