Shopblocks secures £1.5m from Mercia and GMCA to expand its business to business ecommerce platform.
The investment was backed by Mercia and Greater Manchester Combined Authority to help the firm scale its enterprise client base.
Shopblocks provides a no code ecommerce platform designed for medium and large businesses with complex pricing structures and supply chains. The Stockport based company helps clients build tailored online stores and manage digital ecosystems.
Shopblocks has secured over £1.5m in investment to accelerate its expansion in the business to business ecommerce market. The funding round was supported by Mercia through NPIF Mercia Equity Finance and its EIS funds, alongside existing backer Greater Manchester Combined Authority.
The capital will be directed towards creating ten new jobs, enhancing the company platform, and attracting larger enterprise clients. Founded in Stockport, Shopblocks provides modular ecommerce tools for wholesalers and industrial sellers with complex stock models.
The latest injection brings the firm total funds raised to over £3.5m. The company currently serves more than 2,000 customers and reports annual recurring revenue of over £1m.
From the founder
"Around 40 per cent of brands with a B2B-focus have still not adopted ecommerce, largely because of the challenge of transferring their business model online. Many companies who come to us do so on the back of a two-year failed attempt to launch a store fit for their business. Shopblocks offers a solution. The funding will help us attract more ‘enterprise’ clients and support our goal to become a £50m turnover business."
Stewart Reynolds
Chief Commercial Officer at Shopblocks
Investor perspective
"This investment will provide a welcome boost for Greater Manchester’s economy and create several high-quality, future-facing jobs. Shopblocks is a leading technology company in ecommerce, and another example of the strength of Greater Manchester’s digital sector."
David Molyneux
GMCA lead for Resources and Investment, Greater Manchester Combined Authority
Use of funds
- 01Grow the team
- 02Continue product development
- 03Invest in sales and marketing
Investors
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About the company
Shopblocks
Shopblocks builds a no code ecommerce platform for businesses with complex pricing and supply chains.