Smedvig Capital lead £9.5m Series B investment in app commerce company Poq
App commerce company Poq has announced the completion of a £9.5 million Series B funding round, led by Smedvig Capital with significant participation from Beringea and additional investment from existing investor Revolt Ventures. This round brings the total amount raised by Poq so far to £16.5 million.
As the pioneer in the “apps as a service” space, Poq has built a platform that enables any retailer to launch and maintain an app in record time and at a fraction of the cost a traditional agency app would cost.
The new funding will be used to drive growth in the UK and Europe, as well as the US where the company plans to open offices. Alongside completing its Series B round, Poq is bolstering its senior leadership team, with its first appointment being former Just Giving chairman Jonathan McKay, who joins as chairman.
Jon Lerner, Managing Director at Smedvig Capital, commented:
“We have been following Poq for a long time and have watched their blue-chip client list and top-quality team grow at a fantastic pace. We are very excited to join Oyvind, Michael and the rest of the Poq team as they continue building the clear category leader in the fast-growing app commerce space.”
Oyvind Henriksen, CEO and co-founder of Poq, commented:
“We’re incredibly excited to bring on board Smedvig Capital with their large experience in enterprise SaaS and are grateful to receive continued support from our long-term investors Beringea and Revolt Ventures. This will help us grow in the US market and has also allowed us to welcome Jonathan to the team as chairman.