Fruugo posts strong revenue growth as it appoints two new non-executive directors
Online marketplace Fruugo has said it put in a record Black Friday and Christmas performance which resulted in its fourth quarter revenue climbing by over 70% year-on-year and by 280% on a two-year basis.
As a result, its full year revenue has increased by over 50% on the previous year and by over 200% versus two years ago.
Subscribe to TRBDominic Allonby, executive chairman of Fruugo, said: “We are delighted to report that our very strong growth momentum has continued through Q4, capping off a tremendous year of continued transformational growth and strategic progress for Fruugo.”
The company attributed the performance to a 59% year-on-year increase in the number of retailers using the platform and a 60% uplift in shoppers buying through the site from around the world. During the year, more than 91% of completed transactions were cross-border.
Fruugo has also announced that Rob McWilliam and Liz Scott have been appointed as non-executive directors.
With over 25 years’ experience in digital leadership, finance and strategy, McWilliam was chief financial officer of Asda until last year and previously served as vice president UK, finance director and vice president of consumables at Amazon UK. He is currently a non-executive director of Card Factory and holds the same position at Jisc.
Meanwhile, Scott is currently working as client engagement director at Tech Nation, where she is responsible for delivering a national expansion strategy, providing support to a UK wide network of scaling technology businesses, and delivering strategic partnerships. Prior to this, she held various senior positions at accountancy and consulting firm EY.
Allonby added: “These are very exciting times for Fruugo. Our business is fast-growing, truly international, asset light and built for scale. With continued outstanding growth and further investment to come we look forward to continuing on this strong trajectory and continued strategic progress in 2022 and beyond.”
