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BOURNEMOUTH, England, July 13, 2021 – OnBuy.com, the UK-based online marketplace, has announced the successful closure of its series A+ funding round, raising an impressive £35 million from a group of venture capital and strategic technology investors. The funding comes as a major boost for the disruptive eCommerce platform, which aims to challenge the dominance of industry giants and create a level playing field for retailers and consumers.
Empowering Retailers with a Level Playing Field
Since its inception in 2016, OnBuy has set out to revolutionize the eCommerce landscape by providing a fairer and more transparent marketplace for both big and small retailers. Unlike traditional eCommerce platforms that often compete with their own retailers, OnBuy’s unique approach ensures that the company remains neutral and offers retailers a platform to host their products without any competing conflicts.
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With over 7,000 retailers and a catalog of more than 36 million products, OnBuy has rapidly gained traction in the market. The company has achieved an annualized Gross Merchandise Value (GMV) of £155 million with just £8 million in total investment prior to this funding round.
Ambitions to Reach Unicorn Status
The new funding of £35 million, comprising a mix of debt and equity, is expected to fuel further growth and expansion for OnBuy. The company’s ambitious goal is to achieve unicorn status in the near future, making it a highly valued startup with a valuation exceeding $1 billion.
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The funding round saw significant contributions from key players, including Bring Ventures (the venture arm of Norway Post), Fuel Ventures, Guy Hands (founder and chairman of Terra Firma Capital Partners), Knut Frängsmyr (Deputy CEO of Klarna), Richard Goulding (founder of Play.com), and other strategic investors. Additionally, £2 million has been set aside to support existing retailers using the platform, demonstrating OnBuy’s commitment to nurturing its existing community.
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Unleashing Potential and Pursuing Global Expansion
Cas Paton, Founder, and CEO of OnBuy, emphasized the platform’s unique proposition, providing a level playing field for retailers and customers alike. The funding will enable OnBuy to enhance its product offering, improve user experience, and embark on a journey of global expansion.
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With the eCommerce market projected to reach $4.2 trillion by the end of 2021, OnBuy’s innovative model has the potential to disrupt the status quo and transform the digital marketplace landscape. The company’s focus on customer-centricity and simplicity has garnered recognition and trust from both buyers and sellers.
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Building a Bright Future
The recent series A+ funding marks a significant milestone in OnBuy’s journey of growth and innovation. The platform plans to unveil a consumer app, strengthen its product infrastructure, forge new partnerships, and expand its global presence in the coming months.
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OnBuy’s strategic vision and impressive growth trajectory position it as a formidable contender in the eCommerce space. With continued dedication to its principles of fairness and transparency, OnBuy aims to revolutionize the way eCommerce operates and elevate the online shopping experience for retailers and consumers alike.
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As OnBuy continues to challenge the status quo and forge ahead on its journey, the platform is poised to leave a lasting impact on the digital marketplace, empowering retailers and customers with a fair, competitive, and user-friendly platform.
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Conclusion
OnBuy’s successful £35 million series A+ funding round sets the stage for the company’s ambitious expansion plans and aspiration to become a unicorn in the eCommerce landscape. By disrupting the traditional eCommerce model and offering a level playing field for retailers, OnBuy has gained substantial traction and user adoption.
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With the support of strategic investors and a clear roadmap for growth, OnBuy is well-positioned to shape the future of digital marketplace dynamics, driving innovation and empowering businesses and consumers across the UK and beyond.