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Retail app Poq gets £3.5m, brings total to £7m

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Retail app Poq has received £2.5m in an equity funding round led by Beringea and with participation from Meyer Bergman. 

The firm also secured £1m in debt funding from Barclays. 

With this raise, Poq brings its total amount of money raised to date to £7m.

Online marketplace Obby raises £250,000, brings total to £400,000

The SaaS platform allows retailers to create shopping apps for their customers. Oyvind Henriksen, the CEO and co-founder, commented: “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 trillion 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.”

The money will be used to help Poq grow its customer base and to extend its service in order to allow in-house developers to customise their apps themselves.

Eyal Malinger, investment director at Beringea, 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.”

To check out the latest UK tech investments, visit the Tech City News Investment Tracker.

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