Fruugo has announced it plans to list on the London Stock Exchange (LSE) after seeing strong growth in recent years.
The company operates a global-cross border marketplace which uses its own technology and data science to give customers the chance to buy products from all around the globe in their own language and currency.
Fruugo gives retailers of a range of sizes the chance to generate sales in up to 42 countries using 28 native languages and 31 different currencies.
The platform currently hosts around 1,400 retailers on its platform.
Fruugo enables country-specific retailers with an online footprint to cost-effectively reach international audiences. As cross-border shopping and the attractiveness of marketplaces continues to grow, Fruugo is well placed to benefit from these global trends by providing a simple and attractive route to additional sales for retailers all over the world.
According to the brand itself, it has been proven to drive high levels of profitable revenue growth for businesses that use its platform.
Cross-border ecommerce has seen a rise during the last 18 months as the pandemic accelerated ecommerce sales and supply lines were disrupted.
Fruugo claims its consistently high levels of growth has enabled the company to reach EBITDA profitability despite only limited investment from private funders.
“Fruugo has delivered very strong growth and strategic progress in recent years and we are delighted to announce our intention to float, signifying an exciting new chapter in the Group’s long-term development,” Fruugo co-founder Dominic Allonby said.
“Fruugo’s mission is simple: to enable shoppers everywhere to buy from retailers anywhere, and to enable retailers to access international demand for their products that they wouldn’t otherwise be able to do.
“The IPO will enable the Group to invest further in its technology, including developing the user experience and onboarding process, to continue to achieve its significant growth potential from adding new retailers to the platform.”