Poq has secured £9.5m in its Series B funding round led by Smedvig

E-commerce app builder Poq has secured £9.5m in its Series B round led by Smedvig Capital.

Participation to the round also came from investor Beringea and existing backer Revolt Ventures.

Poq is a SaaS-based platform for iOS and Android, enabling retailers to create their own shopping apps for their stores. The app is built on Poq’s platform, allowing for real-time updates and access app data to gain awareness of customer shopping habits.

Its clients include House of Fraser, Missguided, Pretty Little Thing, Holland & Barrett, Hotel Chocolat, Fragrance Direct and Made.com.

Capital from the round will be used to drive growth in the UK, Europe and the US, where it plans to open new offices. The US is responsible for 20 per cent of Poq’s revenue with clients including national department store chains and online fashion brands, according to the company.

Alongside the investment, former Just Giving chairman Jonathan McKay will join Poq as its chairman.

Poq CEO and co-founder Oyvind Henriksen said, “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.

With this round of funding the company has raised a total of £16.5m. Last year, the company bagged a £3.5m investment led by Beringea to support the growth of its customer base.

Asia dominated the e-commerce sub-sector last year, receiving 83 per cent of the $7bn invested globally, according to data by FinTech Global.

Copyright © 2018 FinTech Global

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