Shopblocks, an eCommerce platform that enables companies to quickly set up an online store, has raised over £1.5 million in funding to solidify its position in the thriving business-to-business eCommerce market. The funding was provided by NPIF – Mercia Equity Finance, Mercia EIS funds, and Greater Manchester Combined Authority (GMCA), an existing investor.
The company offers a ‘no code’ platform designed for medium and large businesses with complex pricing models or supply chains, such as wholesalers or IT resellers. Shopblocks employs a team that can build the online store for clients and offer ongoing support while enabling users to create a comprehensive eCommerce ecosystem with multiple linked accounts, different stores for various brands or locations, and white label sites for resellers.
Shopblocks, ranked seventh on RetailTech 50, boasts over 2,000 customers, including Daisy Telecom, Toshiba, and Tower Housewares, with an annual recurring revenue of over £1m, in addition to project fees. The latest funding, which takes the total raised to over £3.5m, will enable the business to create ten new jobs, boost its platform, and attract more large B2B-focused clients to reach its goal of becoming a £50m turnover business.
Robert Hornby of Mercia praised Shopblocks for filling a gap in the market by significantly reducing the time and cost needed to launch an eCommerce site tailored to the needs of complex stock environments. The platform has massive potential to lead the B2B market, he added. Cllr David Molyneux, GMCA’s lead for Resources and Investment, stated that Shopblocks is another example of the strength of Greater Manchester’s digital sector, creating several high-quality, future-facing jobs, and contributing to the growth of the economy.