Plobal Apps Raises $8.5 Million The fresh capital will be directed towards building a larger presence in North America, tech innovation and launching new products.
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Plobal Apps, a no-code mobile app platform for e-commerce stores, has raised $8.5 million in a funding round led by Elevation Capital and Bessemer Venture Partners. The round also witnessed participation from Better Capital. The total capital raised so far is $14 million. The fresh capital will be directed towards building a larger presence in North America, tech innovation and launching new products.
"We have come a long way in our journey. With rising acquisition costs and more focus on retention, brands are doubling down on owned platforms like email, SMS and mobile apps to reach their customers, that gave better results on conversion, deliverability and engagement," said Atul Poharkar, founder, Plobal Apps.
As per company's statement, the Plobal App's mission is to democratize mobile commerce tech to create a level playing field for e-commerce brands globally. The app is working closely with mid-market and Enterprise Shopify customers, with an emphasis on revenue generation for the merchants. With a reach of almost 2.5 million Shopify merchants, Plobal is looking at a massive market opportunity.
"At Elevation, we have always been excited by the potential D2C brands hold. Plobal's easy-to-build platform, with ready marketing playbooks, helps brands build and leverage state of the art consumer facing apps, allowing them to improve their retention, repeat purchases and customer lifetime values significantly. We are super excited to partner with Plobal team," said Akarsh Shrivastava, principal, Elevation Capital.
Founded in 2016 by Atul Poharkar, Plobal Apps enables D2C brands to build mobile apps, drive installs, engage customers and rapidly scale mobile revenues. For most brands, building apps was expensive. With DIY apps, Plobal Apps solves this problem on focuses on what happens after the mobile app was built, also aims to make the mobile app the best performing sales channel for a merchant.
"Building an app is just the first step and that is why we are excited to partner with Plobal Apps team. They not only help to build mobile apps for the merchants, but also help them to drive adoption, engagement and revenue through the app," said Anant Puri, partner, Bessemer Venture Partners.
As per reports, the global mobile commerce market reached at $833.9 billion in 2021 and is expected to reach at $4711 billion by 2027, with a CAGR of 33.4 percent.