App commerce platform Poq bags $4m Series A funding
Service used by House of Fraser, Holland & Barrett and Liberty set to triple development team and fuel international expansion
Poq, an app commerce platform, has closed $4m in Series A funding led by Beringea, with participation from Seedcamp.
Launched in 2011, Poq enables retailers to create their own customisable iOS and Android apps, helping to drive sales, communicate and improve customer loyalty through rewards.
Major retailers such as House of Fraser, Missguided, Holland & Barrett, Made.com and Liberty are already using the service, gaining insights into customer behaviour and identifying growth opportunities.
The finance will be used to triple the size of Poq’s development team and fuel expansion outside Europe.
Oyvind Henriksen, CEO and co-founder of Poq, commented: “The app economy is the world’s fastest growing economy. Our platform is no exception, having already hit £100m in app revenue and growing 600% year-on-year.
“Our mission is to drive more revenue through our platform than previous-generation web-based commerce platforms, through more advanced native app technology.”
Rob Hodgkinson, investment director at Beringea, said: “At Beringea, we are experienced in working with e-commerce businesses and we love that Poq’s offering is helping many mainstream retailers create shopping apps to complement their main e-commerce sites and bridge the gap between online and in-store.”