Poq, which has developed an app building platform for retailers, will use the funding to expand into the US.
App commerce company Poq has closed a £9.5m Series B funding round led by Smedvig Capital.
Participating investors included Beringea and Revolt Ventures. This round brings the total amount raised by Poq so far to £16.5m.
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.
The company counts House of Fraser, Missguided, Pretty Little Thing, Holland & Barrett, Hotel Chocolat, Fragrance Direct and Made.com among its clients.
It has also grown its annual recurring revenue by 400% since its Series A fundraise 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 new offices.
The US market currently accounts for 20% 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, 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.
“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.”
Chairman Jonathan McKay added: “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.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement