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OnBuy.com, the UK-founded online marketplace is seeking a new round of investment to launch newly identified growth opportunities.
The company, which has previously raised £2.7million to launch the ecommerce platform, is now seeking a top-up of £500,000 to develop the offering, become profitable, and fuel its growth.
OnBuy has been able to grow substantially through its initial investment of only £2.7m.
OnBuy key achievements
• 10.5 times revenue growth between May 2018 and May 2019
• Year-to-date sales were 13 times higher in April 2019
• A 600 per cent growth in users year-on-year in April 2019
• 16m products
• 1m+ monthly users
• 3,000 active sellers
• An average of 24 seller signups to the platform each day
• Partnered with industry-leading companies including PayPal, ChannelAdvisor, Royal Mail Click & Drop and more
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. 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 does not compete with sellers
The company, 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.
“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.”
Cas Paton, founder and MD of OnBuy.com
OnBuy 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.
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.
READ MORE: OnBuy.com completes integration with Royal Mail Click & Drop
Do you use OnBuy to sell products and would you benefit from an expanded geographic reach? Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.
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