Greater Manchester-based ecommerce software company Shopblocks has checked out more than £1.5m in funding.
Targeting firms “with complex pricing models or supply chains”, it is developing software that can be used to build an ecommerce website without requiring coding skills.
“Around 40% of brands with a B2B focus have still not adopted ecommerce, largely because of the challenge of transferring their business model online,” says Shopblocks’ CCO and co-founder, Stewart Reynolds.
Reynolds added that the business would use the latest investment to help surpass its annual recurring revenue of more than £1m to its goal of £50m.
The Stockport headquartered company is looking to add 10 people to its team post-raise.
Both the Northern Powerhouse Investment Fund and EIS funds from Mercia, alongside the Greater Manchester Combined Authority, supplied capital to Shopblocks.
Robert Hornby of Mercia said: “Most ecommerce platforms are not tailored to the needs of companies operating in a complex stock environment. Shopblocks fills a gap in the market, as well as significantly reducing the time and cost of launching an ecommerce site.”
Shopblocks can also create websites on behalf of its customers and white-label versions for any resellers.
To date, it has secured over £3.5m and lists customers such as Toshiba.