App commerce company Poq have completed a £9.5 million Series B funding round. This round brings the total amount raised by Poq so far to £16.5 million.
Poq has built a SAAS platform that enables any retailer to launch and maintain an app in record time, and at a fraction of the price of using a traditional app development agency. The company counts House of Fraser, Missguided, Pretty Little Thing, Holland & Barrett, Hotel Chocolat, Fragrance Direct and Made.com among its clients, and has grown annual recurring revenue by 400 per cent since its Series A in 2016.
This new funding will help Poq drive growth in the UK and Europe, as well as in the US, where the company plans to open offices. The US market currently accounts for 20 percent of the company’s revenue, with US clients ranging from a national department store chain, to online multi-hundred million dollar fast-fashion brands.
“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.”
– Oyvind Henriksen, CEO and co-founder of Poq
Meet Poq in person
If you’d like to find out more about Poq and how they can help you launch an ecommerce app, come along to the annual Ecommerce Cup on the 21st of June.
Poq have entered a team for a couple of years and there’ll be plenty of time to catch them between games or in the bar after the matches.