Ecommerce SaaS platform Shopblocks has announced it has hit £1 million in annual recurring revenue (ARR) for the first time, and is targeting a turnover of £2.5 million for next year.
Shopblocks, which produces bespoke ecommerce websites at scale, has experienced several months of record growth and forged a series of major partnerships to reach the landmark.
It comes not long after Shopblocks moved to new offices at No 1 St Peter’s Square, Stockport, securing £250,000 in investment, as well as bringing on its first COO.
Shopblocks also successfully onboarded 62 new clients in January, primarily from the US and Australia. It was founded in 2018 and has more than 1,500 customers worldwide.
Kevin Jones, Co-founder and CEO, said: “It’s a real landmark to hit £1m ARR for the first time and it’s the result of a lot of hard work. However this is just the start and we’re so excited by what the future has in store.
“We’ve got three main teams in the business – sales, operations and development. These three teams are working in harmony… It feels as though we’re scaling up something that works rather than finding out what works.”
He added: “All our sales at the moment are direct. We are picking up individual ecommerce businesses but in the works we have bigger enterprise partnerships which are much slower to onboard but have the potential to deliver hundreds of new customers to us every month.
“This will give us a huge second revenue stream. We’re going to continue working with businesses but we also have the partner channel. That’s the reason we’re confident of doubling up.”
