Written by Shiv Patel
OnBuy has raised £5m in Series A funding off the back of their exceptional growth through the first half of 2020. The capital raised will help OnBuy as they prepare to launch globally this summer.
Since their launch in November 2016, over 8 million customers have used OnBuy, and in more recent times monthly visitors and new retailers joining the marketplace have trended at over 4 million and 400 retailers respectively per month.
Having closed the Series A funding round only 5 months after Fuel’s initial investment in January 2020, OnBuy will now be able to mount an aggressive internationally expansion plan into 140 new countries, including the USA, UAE, Germany, France and Spain.
Cas Paton, the Founder of OnBuy, 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. By having products from the leading household names available, including Procter & Gamble, Unilever and Kimberly-Clark, we are driving better competition which feeds into better pricing for consumers across a huge variety of products.”
Mark Pearson, Fuel Ventures GP, commented: "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.
"The decision to invest in OnBuy was an easy one for Fuel Ventures: it is now on the verge of becoming a serious global player, with some of the largest retailers and brands in the industry flooding to join the world's fastest-growing marketplace.”
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