UK-BASED eCommerce business firm OnBuy is set to launch globally this summer, after securing a £5 million investment.
A successful UK business which acts as an online marketplace where consumers can find the best deals is set to be launched globally this summer after securing £5million investment.
OnBuy claims to offer businesses a fairer and more transparent platform to sell their products to buyers.
The eCommerce firm says it has enjoyed record sales in the past year as businesses seek out a fairer and more transparent platform to sell their products to buyers
OnBuy credited the support of leading consumer goods companies such as Procter & Gamble and Unilever for its strong and quick growth. Sales rose by 1,100% in the past year and the business expects revenues to reach over £2 billion by 2024. To accommodate this rapid growth, OnBuy has tripled its workforce to over 50 full-time staff.
OnBuy’s founder and CEO Cas Paton predicts the thriving business will turn over £2billion in sales by 2024.
Cas Paton said: “The injection of this additional funding not only allows us to substantially grow the operational side of the business, but it gives the OnBuy team backing from phenomenal investors who can bring an array of eCommerce experience and expertise to the table, bolstering an already strong globalisation strategy.
“2020 is a coming-of-age era for OnBuy, where we’ve seen some of the world’s largest brands and retailers come on board.
“We are well on track to claim 3-5 per cent of the £84billion UK eCommerce market in the next three years, and we’re aiming for 1 per cent of the $3.46 trillion global eCommerce market, equating to $35bn, in the next five years.
The funding was raised from leading London-based VC firm Fuel Ventures and other experienced investors including Nathalie Gaveau, the co-founder of Priceminister, a premium French marketplace later acquired by Rakuten.
Mark Pearson, the entrepreneur behind MyVoucherCodes prior to launching Fuel Ventures, said: “In recent years the VC world has largely turned its back on marketplaces.
“They are notoriously hard to build and even harder to grow, given that the market is dominated by some of the largest companies in the world.
“However, it’s clear from seeing OnBuy’s unique model, their achievements to date and the impressive year-on-year growth that they have found the right formula for long-term success.”
Since launching in November 2016, OnBuy has amassed more than eight million customers and more than 25 million products, with monthly visitors now trending at over four million along with over 400 retailers joining every month.