Poq closes £9.5M Sequence B for its ‘apps-as-a-service’ for retailers – TechCrunch
Poq, the London-based startup that gives a SaaS to make it simpler for retailers to launch and preserve a consumer-facing buying app, has raised £9.5 million in Sequence B funding. Main the spherical is Smedvig Capital, with participation from earlier backers Beringea, and Revolt Ventures. It brings the overall quantity raised by Poq to £16.5 million for the reason that firm was based in 2011.
A reasonably early entrant into the so-called ‘apps-as-a-service’ area, Poq’s pitch is that it permits retailers — with a specific deal with ‘pureplay’ or multichannel manufacturers — to create their very own e-commerce app at a fraction of the worth of utilizing a conventional app growth company or doing all of it in-house. The corporate counts the likes of Home of Fraser, Missguided, Prettylittlething, Holland & Barrett, Lodge Chocolat, Perfume Direct, and Made.com as purchasers.
“Our platform is the result of years of focus on retail apps and is proven to increase conversion rates and revenue,” Øyvind Henriksen, CEO and co-founder at Poq, tells TechCrunch. “New code is rolled out every week and major releases delivered every quarter”.
This, he says, is usually in distinction to the way in which retailers interact with a conventional app company, which generally sees lots of work and funding go right into a model one, just for the app to be left unloved as every replace may be expensive and has pointless friction.
The opposite choice is to not hassle with an app and simply have a cellular web site, however Poq claims these don’t carry out properly in retail and that apps are confirmed to offer a greater buying expertise, which ends up in a lot better engagement, retention and conversion.
“While everyone would love to have an app, the reality is that apps are typically hard to build and maintain. By using Poq’s SaaS approach, retailers get the product faster to market, keep it up to date easier, [and] have the ability to plug into an ecosystem of pre-built integrations to technology providers,” says Henriksen.
The Poq CEO describes Poq’s typical buyer as a big pureplay or multichannel retailer. “Our first major customer was House of Fraser,” he says, “and that’s when we proved ourselves as an enterprise-ready software provider. From then we’ve seen multichannel customers such as Holland and Barrett and House of Fraser use apps as a new digital channel, the apps also power their loyalty programs in the stores”.
In the meantime, Poq says the brand new funding will assist the corporate drive progress within the U.Ok. and Europe, in addition to within the U.S., the place it plans to open workplaces. I’m informed the U.S. at the moment makes up 20 p.c of Poq’s income.