// OnBuy is actively looking for investors to help with its next phase of growth
// It previously raised £2.7m to launch in 2016, and is now seeking a top-up of £500,000
// OnBuy plans to launch into 140 countries within the two years as well as launch its own fulfilment network
OnBuy is actively looking for investors after it announced plans to seek a new round of funding to launch newly identified growth opportunities.
The British online marketplace, which has previously raised £2.7 million to launch in 2016, is now seeking a top-up of £500,000 to develop the offering, become profitable and fuel growth.
Plans include integration with external partners to deliver innovative services, expanding the geographical reach of OnBuy, and increasing sales for sellers using on and offline marketing.
Additional funding would also support the introduction of new services, buying incentives, and the launch of its own fulfilment network.
OnBuy said it would expect to launch into 140 countries within the two years following investment.
The online marketplace is also pursuing innovative data and SEO techniques to boost success for the businesses which use the platform.
In addition, OnBuy has plans to build profiles on the brands featured on its site and improve their catalogue system for an enhanced user experience, as well as launch a mobile app to expand the platform’s reach.
The online retailer is currently at £12 million gross market value and is seeing growth at nearly 20 per cent per month.
OnBuy said its year-to-date sales grew a whopping 13-fold in April 2019, along with a 600 per cent growth in users year-on-year.
It expects to exceed £150 million GMV by 2022.
“Our principles of being fair with sellers, so that sellers can offer more for buyers, have proven successful,” OnBuy founder and managing director Cas Paton said.
“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.
He added: “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.”
OnBuy said it plans to raise again in 2020, this time £15 million, to accelerate the platform even further.