UK-Founded Marketplace OnBuy.com Secures £3 Million Investment

OnBuy Fuel Ventures

UK-founded marketplace OnBuy.com announced it has secured a £3 million investment from London-based VC fund Fuel Ventures. The funding will allow the marketplace to launch into more than 20 countries by the end of 2020, including the USA, Canada, Australia, and the UAE.

Besides the expansion overseas, the investment will give OnBuy.com the funding to increase brand awareness, develop new solutions, integrations, and features across the platform. OnBuy will double its support team to support the substantial expansion.

OnBuy was launched in November 2016 by entrepreneur Cas Paton, after he realised there was an opportunity in the market for a marketplace that benefits the consumer through competitive pricing and product opportunity. However, unlike other marketplaces, OnBuy.com doesn’t go into direct competition with its sellers.

In less than 4 years, OnBuy.com has become one of the world’s leading eCommerce marketplaces, offering competitive prices on millions of products supplied by thousands of small and medium-sized online retailers.

Since its inception, OnBuy has partnered with more than 3,000 sellers, from household name brands to independent retailers, and offers more than 21 million products to 8 million customers.

“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.”

 

Cas Paton, Founder and Managing Director of OnBuy

Mark Pearson, founder of Fuel Ventures adds, “As a fund of entrepreneurs for entrepreneurs, we have extensive experience in the eCommerce industry and only invest in companies that we feel have extraordinary potential for growth and scale, so investing in OnBuy was an obvious choice for Fuel Ventures.”

Do you sell on OnBuy.com and what do you think about how they are growing the business?

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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READ MORE: eCommerce Influencer Series: Cas Paton – OnBuy.com

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For almost 10 years Dave has been involved with eCommerce with a particular interest in the marketplaces and the huge opportunities available for sellers when utilizing a multi-channel strategy. After a year of being the UK’s youngest eCommerce consultant it was the opportunity to start UnderstandingE with Matt Ogborne showing the world how to utilize Magento as the Third Generation of Multi-Channel software. Dave also recently started a YouTube channel called the Manc Entrepreneur (click YouTube icon link below to watch Dave's videos) where he discusses all things eCommerce and entrepreneurship aimed to help young entrepreneurs get started on their own journey. When Dave isn’t working his main interests include, Technology, Cars and throwing himself off high things into water.

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