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App firm Poq raises £3m funding

Retail app firm Poq, which powers the apps for House of Fraser and Missguided, has raised $4m (£3m) in a Series A funding round led by investment company Beringea.

Missguided

Missguided

Poq powers the Missguided app

The funding will be used to triple the size of Poq’s development team, kick-start its international expansion outside of Europe and help retailers bring online shopping into the store.

Poq was launched in 2011 and seed investors include Seedcamp and Venrex. The firm has sales of £100m and has grown 600% year on year.

Nitin Passi, founder and CEO of Missguided, said: “The revenue run-rate of the Missguided shopping app went from zero to £30m within just four months of the app launch.

“The partnership with Poq has proven extremely valuable in a very short space of time, and the app now makes up 13% of our online revenue.”

Rob Hodgkinson, investment director at Beringea, said: “The true value for retailers in working with Poq is not just that they can quickly build well-designed, functional shopping apps that unify brand experience, but the data that they gain from having customers logged into the app.

“Poq also rolls out new code each week, so their clients’ apps are never out of date. Other retail apps are often eight or nine months in the making and already out of date by the time they get to market.”

Øyvind Henriksen, CEO and co-founder of Poq added: “Our mission is to drive more revenue through our platform than previous-generation web-based commerce platforms, through more advanced native app technology.

“Apps provide the best shopping experience on mobile, where customers are logged in forever and can pay with a fingerprint, and retailers who don’t offer apps will lose out to those who do. We are really excited about closing this funding round and continuing to lead the app commerce revolution.”

 

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