app commerce company Poq announces the completion of a £9.5 million Series B funding round, led by Smedvig Capital, with significant participation from long-term investor Beringea and additional investment from existing investor Revolt Ventures. This round brings the total amount raised by Poq so far to £16.5 million.
As the pioneer in the ‘apps-as-a-service’ space, 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. The completion of its Series B round also sees Poq bolster its senior leadership team, with its first appointment being former Just Giving chairman Jonathan McKay, who joins as chairman.
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[1]. 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 McKay, Chairman at Poq, said: “The energy and pace of growth at Poq made it an intriguing company for me to join. App commerce truly is the future, and the huge interest from the US market represents a fantastic opportunity to help Poq scale its operations even more rapidly. I’m thrilled to be bringing my experience to this exciting phase in the company’s journey.”
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. ”
Eyal Malinger, Investment Director at Beringea, said: “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.”
