Poq secures £3.5m in funding led by Beringea
Beringea leads a £3.5m investment into app commerce platform Poq to support international expansion.
Share allotment filed at Companies House
Poq provides an app commerce platform that allows retailers to launch and manage mobile applications quickly and cost effectively.
Poq has secured £3.5m in funding led by Beringea, alongside contributions from Meyer Bergman and Barclays, bringing its total raised to £7m. The company provides a SaaS platform allowing retailers to deploy and update mobile shopping applications for iOS and Android.
The fresh capital will be deployed to scale the customer base among large and international retailers and to introduce developer tools for customisation. Poq has recently tripled its revenue and counts retailers such as House of Fraser, Missguided, and Belk among its clients.
From the founder
"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."
Oyvind Henriksen
CEO and co-founder at Poq
Investor perspective
"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."
Eyal Malinger
Investment Director, Beringea
Use of funds
- 01Expand into international markets
- 02Continue product development
