A London start-up that intends to modernise street trading has obtained £500,000 pounds in funding from Singaporean fund BOH.
StreetDots operates with private and public landowners to clear pitches, or “dots”, that can be engaged by traders via an application. The cash injection, which accounts the firm at £4.4million, appears after BOH elevated £350,000 into the business as an initial investment in January.
StreetDots will utilise the financing to grow its network of dots from 50 to 200 over the following 12 months, as well as enlarging its focus from street food merchants to incorporate “artisan producers” and retail brands desiring to attain new consumers.
StreetDots operates with landlords including British Land and Land Securities, founded by Atholl Milton and Darren Callcott in 2014.
It has also lately hit deals with the likes of Blackstone and NewRiver. Mr Milton said: “We are not only hoping to streamline the business of outdoor retail trading, but we are also 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 innovative businesses direct to customers.”