Poq, an app commerce company, has raised £9.5m in a Series B round led by Smedvig Capital,
With £16.5m in funding under its belt, Poq has built a SaaS platform which allows retailers to launch and maintain an app in ‘record’ time and ‘at a fraction of the cost’.
Poq claims to be working with clients including House of Fraser, Missguided, Pretty Little Thing, Holland & Barrett, Hotel Chocolat, Fragrance Direct and Made.com.
The firm, which closed a Series A in 2016, claims to have grown its annual recurring revenue by 400% since then.
This set of funding will be used to grow the company in the UK, Europe and the US. Interestingly, the company says the US accounts for 20% of its revenue.
Alongside the funding announcement, Poq has also confirmed the appointment of Just Giving chairman Jonathan McKay, as chairman.
Digital Risks gets £2.25m to automate insurance buying process
Oyvind Henriksen, CEO and co-founder of Poq, commented: “Apps play a huge role in ensuring that customers stay engaged with and loyal to a brand. Our research proves that shoppers actually spend, on average, more than three and a half times more in e-commerce apps than they do on equivalent mobile websites. The contribution of apps to mobile commerce is so significant that it is imperative for retailers to adapt to the latest technologies available in order to remain competitive.
“We’re incredibly excited to bring on board Smedvig Capital, with its large experience in enterprise SaaS, and are grateful to receive continued support from our long-term investors Beringea and Revolt Ventures. This will help us grow in the US market, and has also allowed us to welcome Jonathan to the team as chairman. Jonathan’s wealth of experience in scaling up technology businesses has already proved to be invaluable to us, and we’re confident that his leadership and experience will dramatically accelerate our growth.”
Jonathan Lerner, managing director at Smedvig Capital, said: “We have been following Poq for a long time, and have watched its blue-chip client list and top-quality team grow at a fantastic pace. We are very excited to join Oyvind, Michael, and the rest of the Poq team as they continue building the clear category leader in the fast-growing app commerce space. ”
The company’s round also drew participation from Beringea and Revolt Ventures.
Eyal Malinger, investment director at Beringea, added: “We have been continuously impressed with Poq’s fast-paced expansion. Poq’s ability to scale at such a rate is a true demonstration of the sheer agility of the platform, and the retailers that it has so quickly attracted are impressive proof of the demand for the company’s revolutionary service. The fast-growing demand for the Poq platform in the US is hugely exciting, and Beringea is pleased to continue supporting Oyvind, Michael, and the Poq team on their journey to global success.”