We are excited to announce that we have secured $4 million in a Series A funding round, led by venture and growth investor Beringea — with additional funding from existing investors. Our seed investors include Seedcamp and Venrex.
When we invented app commerce in 2011, our aim was to define the best possible shopping experience for native apps. That’s when we acknowledged that app commerce isn’t just about shopping via mobile apps.
It’s about providing the most personal shopping experience possible. And it’s also about bringing online shopping into the store.
Now the app economy is the world’s fastest growing economy, and this phenomenal growth is being reflected back in the results the platform is driving for our clients.
The Poq platform facilitates thousands of transactions every day. It has hit £100m in app revenue and is growing at 600% year-on-year. We have established Poq as the market leader in the app commerce space, powering apps of large international retailers such as House of Fraser, Missguided and Liberty. This year we have been praised for our ‘”true SaaS” approach and identified as one of the most disruptive brands of 2016.
“The revenue run-rate of the Missguided shopping app went from zero to £30 million within just four months of the app launch,” notes Nitin Passi, the Founder and CEO of one of the UK’s largest fast fashion etailers Missguided. “The partnership with Poq has proven extremely valuable in a very short space of time, and the app now makes up 13% of our online revenue. We look forward to leveraging the Poq platform while we expand our international and offline presences.”
This investment round was closed as we signed two new clients, Holland & Barrett, the UK’s leading health retailer with over one thousand stores globally, and designer furniture etailer Made.com. We will use the funding to triple our development team, kick-start our international expansion outside of Europe and empower retailers to bring online shopping into the store.
Our mission is to use advanced native app technology to drive more revenue through our platform than any web-based commerce platform, ever. We are excited about closing this investment round and continuing to lead the app commerce revolution.
If you’d like to speak to us about app commerce and how we could work together, please get in touch.
The Poq team.
Originally published on app commerce insights