Poq, the ecommerce firm that proved the reach power behind many of the apps used by some of the UK’s biggest retailers has raised a further £3.5 million to help further expand its customer base.
Poq is a market-leading SaaS platform for mobile app commerce. It allows retailers to create shopping apps for their customers, something that more and more retailers are doing. The company is based in Shoreditch, London but also has offices in New York.
The funding has been led by a previous investor Beringea, with additional funding coming from Meyer Bergmann, a privately held real estate investment management firm and Barclays. The newly announced funding bring the amount of investment in the London based tech startup to £7 million.
Oyvind Henriksen, CEO and co-founder of Poq believes that the app economy, which is reportedly set to be worth over $6 billion by 2021 still has some way to go before it has reached its full potential and capacity. Much of this growth will be driven by mobile sales, something that Poq is well placed to make the most of.
“The app economy is growing at a miraculous speed. A recent report estimates that by the end of 2021, it will be worth $6.3 trn globally.
“Mobile commerce is the single largest driver of growth in this sector, and with mobile transactions becoming more and more convenient we expect this trend to continue. The development of apps to support this growth is crucial.
“Poq is dedicated to making the transition to mobile as smooth as possible for retailers. With our customer-centric approach to app design, our apps provide the best possible experience for customers when shopping on the go.
“We’re incredibly lucky to have received continued support and enthusiasm from Beringea over the course of our journey, and we’re excited to see what opportunities this next round of funding will bring us.”
Eyal Malinger, an investment director at Beringea have been impressed with the performance of Poq since their initial investment, making the decision to invest further an easy one to make. He said:
“We have been incredibly impressed with Poq’s rapid expansion in such a short period of time. Year-on-year, Poq’s innovative platform attracts more and more mainstream retailers to create shopping apps to supplement their main sites, bringing the shopping experience to life via mobile. Poq is a cost-effective and technically superior alternative to the expensive and monolithic retail apps that agencies typically deliver.
“Poq is on the forefront of defining the app commerce category. Its approach combines an understanding of customer-centric design with the technical savviness required to integrate with leading ecommerce platforms such as Salesforce Commerce Cloud, SAP Hybris, Oracle ATG and Magento. We’re excited to support the team as it develops the global presence of the company and continues to help large and international retailers improve the service they provide to their customers.”