International law firm CMS has advised London-based venture capital firm Smedvig Capital on its £9.5 million Series B funding investment in App commerce company Poq. Venture capital firm Beringea and existing investor Revolt Ventures were also involved in the funding round. 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.
Jon Lerner, Managing Director at Smedvig Capital, comments: “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.”
He adds: “CMS have been a great support on this transaction. With considerable experience in the tech space, they have a real understanding of these type of transactions which helped ensure a seamless investment process.”
The CMS team was led by Partner Anthony Waller and Senior Associate Sam Pout (Corporate), Partner Mark Joscelyne (Tax) and Associate Sam Oustayiannis (Commercial).