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Plans include integration with external partners to deliver innovative services, expanding the geographical reach of the platform, and increasing sales for sellers using on and offline marketing.
Additional funding would also support the introduction of new services, buying incentives, and expansion into new online territories.
140 countries targeted
The online marketplace would expect to launch into 140 major countries within the two years following investment.
The company is currently at £12m gross market value (GMV) and is seeing growth at nearly 20% per month. The online marketplace is expected to exceed £150m GMV within three years, by 2022.
OnBuy, which does not sell its own products or compete with sellers, is pursuing innovative data and SEO techniques to boost success for the businesses which use the platform.
The firm also has plans to build profiles on the brands featured on the site and improve their catalogue system for an enhanced user experience, as well as launch a mobile app to expand the platform’s reach across mobile shoppers.
Phenomenal growth
“Since launching in 2016, OnBuy has seen phenomenal growth”, said Cas Paton, founder and MD of OnBuy.com. “We are changing how the world looks at eCommerce.”
“Over the next three years, we expect our strategic growth plans to help us become a global top 10 marketplace.
“With our current growth rate at 9x per annum, we fully expect OnBuy to exceed £150m GMV in the next three years.
“Our principles of being fair with sellers, so that sellers can offer more for buyers, have proven successful.
“We have found a gap in the market for online retailers by offering a fair and professional platform that does not compete with its sellers.
“Alongside a strategic marketing plan to expand reach and drive revenue, we want to harness and explore new growth opportunities.
“Within our plans sits the launch of an OnBuy Fulfilment Network, allowing partner companies to connect with us to create the most powerful fulfilment opportunity in the UK.
“Operating the business more efficiently than our competitors has enabled us to grow so significantly with previous funding and to forecast profit with such modest investment this time around.
“We are so excited to progress OnBuy to the next level and are actively looking for investors to join us on this journey.”
The company is looking for £500,000 to boost previous investment.
Further to this round, the company plans to raise again in 2020 for £15million to accelerate the platform even further.
