OnBuy eyes unicorn status as it raises £35 million

UK-based online marketplace OnBuy.com has closed £35 million in Series A+ funding through VC and strategic technology investors.

The venture launched in 2016 and has attracted more than 7,000 retailers, hosting over 36 million products on its platform.

OnBuy has grown to £155 million annualised GMV with £8 million in total investment until now.

The new investment, which will be a mix of debt and equity, will fuel further growth for OnBuy, as it sets its sights on reaching unicorn status in the coming years.

Congratulations to our partners @OnBuy for completing a £35m Series A+ Funding Round! 👏
— Shiptheory (@shiptheory) July 13, 2021

Input came from the likes of Bring Ventures, Norway Post venture arm, Fuel Ventures, Guy Hands (Founder and Chairman of Terra Firma Capital Partners), Knut Frängsmyr (Deputy CEO of Klarna) and Richard Goulding (founder of Play.com).

In addition to external investment, a £2 million allocation was set aside for retailers currently using the platform. This will enable OnBuy to further develop its product offering for both sellers and consumers and pursue global expansion.

Cas Paton, Founder and CEO, OnBuy, says: "The global e-commerce market is expected to total $4.2 trillion by the end of 2021, a figure that is set to grow even more over the next few years.”

“However, it's alarming to see that the industry is still following the same detrimental and unfair marketplace model that has existed for years.”

”I created OnBuy to provide something unique: a clear, level playing field – and in our four years of rapid growth, it's clear to see that this is a model that works to everyone's advantage.”

“We're here to make noise, challenge the status quo and change the digital marketplace landscape forever."

Thomas Tscherning, Bring Ventures, EVP Norway Post, comments: "OnBuy has experienced tremendous growth and we believe the company has a very promising future ahead.”

“We look forward to being a part of its continued growth through this venture investment that we believe will strengthen our portfolio of e-commerce activities."