OnBuy bags £3m of funding and eyes ‘head turning growth’

UK-based online marketplace OnBuy.com has secured a £3 million investment from Fuel Ventures.

It will use the cash to launch into more than 20 countries by the end of 2020, including the USA, Canada, Australia and the UAE.

“OnBuy was born out of a belief that by being fair and transparent, we could create a better experience for both sellers and buyers; we wanted to do things differently and improve the marketplace landscape. We've created a marketplace that puts its buyers and sellers first, and now we're giving the likes of Amazon a run for their money,” says Cas Paton, Founder and Managing Director, OnBuy.

“We have an extremely efficient, scalable and sustainable business model, and the best technical framework to back it up, which is why we've achieved this level of success compared to some of our competitors raising upwards of £20 million.”

OnBuy has results focused algorithms for marketing and growth, allowing it to scale quickly at a lower cost, Paton adds. “We're delighted to have secured this investment, and we're looking forward to creating immense head turning growth over the next four years, including growing our team, expanding our reach and increasing our loyal customer base."

Mark Pearson, Founder of Fuel Ventures, comments: ”OnBuy is a marketplace that values the seller just as much as the customer, which gives it a real USP as that has been historically overlooked by competitors. After seeing the company's impressive growth to date, it's apparent that it is destined to become a global player in the e-commerce marketplace world.”