UK markets closed
  • FTSE 100

    7,051.48
    -26.87 (-0.38%)
     
  • FTSE 250

    23,608.79
    -221.41 (-0.93%)
     
  • AIM

    1,266.98
    -5.42 (-0.43%)
     
  • GBP/EUR

    1.1661
    -0.0022 (-0.19%)
     
  • GBP/USD

    1.3663
    -0.0057 (-0.42%)
     
  • BTC-GBP

    31,706.13
    +346.33 (+1.10%)
     
  • CMC Crypto 200

    1,067.20
    -35.86 (-3.25%)
     
  • S&P 500

    4,455.48
    +6.50 (+0.15%)
     
  • DOW

    34,798.00
    +33.20 (+0.10%)
     
  • CRUDE OIL

    73.95
    -0.03 (-0.04%)
     
  • GOLD FUTURES

    1,750.60
    -1.10 (-0.06%)
     
  • NIKKEI 225

    30,248.81
    +609.41 (+2.06%)
     
  • HANG SENG

    24,192.16
    -318.84 (-1.30%)
     
  • DAX

    15,531.75
    -112.25 (-0.72%)
     
  • CAC 40

    6,638.46
    -63.52 (-0.95%)
     

Online marketplace Fruugo becomes latest tech firm to reveal plans to list in London

·1-min read
The cross-border marketplace is headquartered in Ulverston, Cumbria, from where it helps 1,400 mainly small and medium sized retailers win customers around the world (Fruugo.com)
The cross-border marketplace is headquartered in Ulverston, Cumbria, from where it helps 1,400 mainly small and medium sized retailers win customers around the world (Fruugo.com)

Online marketplace Fruugo has became the latest tech firm to reveal plans to float on London’s junior AIM index.

The cross-border marketplace is headquartered in Ulverston, Cumbria, from where it helps 1,400 mainly small and medium sized retailers win customers around the world. Employing proprietary tech and data science, Fruugo allows shoppers to purchase across 31 currencies and in 28 languages.

Its total transaction volumes more than doubled last year to nearly £100 million, according to reports.

The company hopes the IPO, expected early next month, will raise its profile to "fuel a significant increase" in retail users as well as cash, which will be put in part towards building a speedier automated sign-up process for retailers - a historical constraint to growth.

Fruugo was launched 15 years ago, and bosses said its prospects have been boosted by the global, pandemic-induced boom in shopping online.

The firm has appointed Panmure Gordon as nominated advisor and sole broker.

Co-founder and executive chairman, Dominic Allonby, said his business is "fast-growing, asset light, and built for scale".

He 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."

A flurry of tech businesses have debuted in London this year, from multi-billion pound IPOs of Darktrace and Deliveroo, to smaller floats from the likes of gadget seller music Magpie.

Read More

Badger culling zones to be extended in England

In Pictures: Soaring temperatures as summer draws to a close

Ex-rugby player to run 48 marathons in 30 days in memory of mother

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting