Posted on Friday, Apr 10th 2015
According to a Wevio report published last month, global B2C ecommerce sales are projected to grow 17.75% in 2015 to $1.74 trillion. The market is projected to grow 10% annually to $2.356 trillion in 2018. Billion Dollar Unicorn club member Powa Technologies is helping retailers gear up for this growth.
Powa Technologies’ Offerings
London-based Powa Technologies was founded in 2007 by serial entrepreneur Dan Wagner. Prior to founding Powa, Dan had set up online information database Dialog and SaaS provider of on-demand e-commerce Venda. Powa was set up with a vision to create a seamless experience across all purchase channels in an always-connected digital landscape where consumers are constantly on the move.
As part of their seamless approach, Powa offers PowaWeb, PowaPOS, and PowaTag. The PowaWeb is a cloud-based platform that enables e-commerce on a retailer’s website along with access to a secure payment gateway. PowaPOS is a mobile and tablet-based point-of-sales (POS) solution which is the first turnkey, EMV-ready (Europay, MasterCard, and Visa) tablet solution that can integrate all POS peripherals and software applications in one design.
Finally, their latest and most innovative application is PowaTag, a mobile application that helps speed the digital strategy for a retailer. Through capabilities like the PowaTag Code that can be scanned, PowaTag Touch button that can be clicked, and PowaTag URLs that can be embedded in social media to take shoppers directly to a checkout on their smartphones. PowaTag will also help convert audio to sale by including an audio watermark that will not be heard by an average person but will allow the app to look up for the product that is being spoken about in the live or recorded broadcast and will then lead the shopper to a series of screens to make the purchase. The solution helps retailers turn every point of contact into a point of sale.
Powa Technologies’ Financials
Powa earns revenues by charging the merchants a fee of 40 cents or 10 basis points per transaction, whichever is higher. They do not disclose their financials.
Powa has been venture funded so far with $176.7 million in investment from Wellington Management and Bay Bond Partners. They received the last inflow of funds in November 2014 when they raised $80 million from Wellington Management at a valuation of $2.7 billion. That is a significant increase over the $400 million that the company was valued at during the 2013 funding round. The latest funding is being used to help Powa make deeper inroads into the US market. As of now, Powa is planning to go public in 2016.
More investigation and analysis of Unicorn companies can be found in my latest Entrepreneur Journeys book, Billion Dollar Unicorns. Unicorns will also be discussed with some special guests during our 1M/1M Roundtable programs over the next few weeks. To be a part of the conversation, please register here. The term Unicorn was coined in a TechCrunch article by Aileen Lee of Cowboy Ventures.
This segment is a part in the series : Billion Dollar Unicorns
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