Online store-building platform Shopblocks has just announced a significant funding milestone, raising over £1.5 million. This funding is a pivotal step in establishing Shopblocks as a leader in the competitive business-to-business (B2B) ecommerce market.
Shopblocks is redefining the way companies, particularly medium and large enterprises with intricate pricing structures or complex supply chains, approach ecommerce. This innovative platform empowers businesses to set up an online store swiftly, in a fraction of the time it would traditionally take to build a website from scratch.
The ‘No Code’ Solution
At the heart of Shopblocks’ appeal is its ‘no code’ platform, offering a set of modular building blocks that can be effortlessly assembled to craft a complete website. This intuitive approach eliminates the need for extensive coding and technical expertise, making it accessible to a broader range of users.
A Comprehensive Ecommerce Ecosystem
Shopblocks goes beyond the basics, enabling users to establish an entire ecommerce ecosystem. With the ability to manage multiple linked accounts and create separate stores for various brands or locations, it offers a versatile solution for diverse business needs. Moreover, businesses can generate ‘white label’ sites tailored for their resellers and dealers, enhancing their reach and brand presence.
Industry-Leading Clients and Revenue Growth
With more than 2,000 customers, including prominent names like Toshiba, Daisy Telecom, and Tower Housewares, Shopblocks boasts an impressive annual recurring revenue exceeding £1 million, in addition to project fees. This sustained growth positions the company as a formidable player in the ecommerce landscape.
The Latest Funding Milestone
The recent funding round catapults Shopblocks’ total raised capital to over £3.5 million, marking a significant achievement for the company. This infusion of funds will serve multiple purposes, including immediate job creation, platform enhancements, and the acquisition of additional large B2B-focused clients.
Bridging the B2B Ecommerce Gap
Stewart Reynolds, co-founder and Chief Commercial Officer of Shopblocks, emphasizes the importance of their mission. He states, “Around 40 percent 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.”
Investment Backing
The recent funding comes from NPIF – Mercia Equity Finance, managed by Mercia and part of the Northern Powerhouse Investment Fund, alongside Mercia’s EIS funds and Greater Manchester Combined Authority (GMCA), an existing investor. This financial backing is a testament to the belief in Shopblocks’ potential to revolutionize the B2B ecommerce landscape.
A Boost for Greater Manchester’s Digital Sector
Cllr David Molyneux, GMCA lead for Resources and Investment, underscores the positive impact of this investment on the Greater Manchester economy. He comments, “Shopblocks is a leading technology company in ecommerce, and another example of the strength of Greater Manchester’s digital sector. Our investments play an important part in supporting this growth.”
In conclusion, Shopblocks’ recent funding milestone sets the stage for the platform’s expansion into the B2B ecommerce sector. With a robust client base, innovative ‘no code’ solutions, and an unwavering commitment to simplifying the transition to ecommerce, Shopblocks is poised to make a lasting impact in the industry.
TL;DR
Shopblocks, an online store-building platform, secures over £1.5 million in funding to bolster its position in the business-to-business (B2B) ecommerce market. The ‘no code’ platform offers a streamlined approach to setting up online stores, targeting medium and large enterprises. With a rapidly growing client base and plans for further expansion, Shopblocks aims to transform B2B ecommerce.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.