Fast-growing SaaS business has hit 拢1 million annual recurring revenue (ARR) for the first time.
The Stockport company produces bespoke eCommerce websites at scale and has hit the 拢1m milestone after several months of record growth.
Co-founder and CEO Kevin Jones says the tech firm is already targeting 拢2.5m turnover for next year on the back of some major enterprise partnerships.
Jones, who launched Shopblocks in 2018 with Stewart Reynolds, said: 鈥淚t鈥檚 a real landmark to hit 拢1m ARR for the first time and it鈥檚 the result of a lot of hard work. However this is just the start and we鈥檙e so excited by what the future has in store.鈥�
The news comes on the back of the company鈥檚 recent move into new 6,500 sq ft offices at No 1 St Peter鈥檚 Square, Stockport.
Jones said: 鈥淗itting 拢1m ARR for the first time is the result of the fact that the team now feels fully formed.
鈥淲e鈥檝e got three main teams in the business 鈥� sales, operations and development. The sales team is firing on all cylinders. We had quite a few new hires at the middle and end of last year and, as with any sales team, it can take a few months to ramp up.
鈥淭he development team has given them a really good product to sell and they now get it and understand it so we鈥檙e doing more deals than ever before.
鈥淧eople are sticking with us and the operations team onboard and support the new customers and keep them happy. These three teams are working in harmony.
鈥淚t feels as though we鈥檙e scaling up something that works rather than finding out what works.鈥�
In January, Shopblocks onboarded 62 new customers, mostly from the US, USA and Australia, which followed six months of continuous growth.
Jones says Shopblocks is perfectly placed to hit 拢2.5m revenue in 2022/23 after appointing Kristian Hunt as chief operating officer and Stacey MacNaught as a non-executive director, and closing a 拢1.2m聽funding round.
鈥淎ll our sales at the moment are direct,鈥� he says. 鈥淲e 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.
鈥淲e鈥檝e been working on these projects for 12-18 months and we鈥檙e just getting to the point where we鈥檙e starting to go live.
鈥淭his will give us a huge second revenue stream. We鈥檙e going to continue working with businesses but we also have the partner channel. That鈥檚 the reason we鈥檙e confident of doubling up.鈥�
Shopblocks employs nearly 50 people and has more than 1,500 customers worldwide.