// OnBuy receives £3m in venture capital funding after finalising a private investment round this month
// It will use the investment to double its workforce and launch into more than 20 countries this year
// OnBuy was launched in 2016 by Cas Paton
OnBuy has secured a £3 million investment from a leading London-based venture capital fund to help fund its ambitious expansion plans.
The online marketplace said it plans to use the investment from Fuel Ventures to double its workforce and launch into more than 20 countries this year, including the US, Australia, Canada and the UAE.
OnBuy said it had received “numerous” offers and the funding was secured after finalising a private investment round earlier this month.
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OnBuy also said the investment will be used to generate growth through expansion overseas, increased brand awareness and the development of new solutions, integrations and features across the platform.
The retailer was launched in November 2016 by Cas Paton and has since then partnered more than 3000 marketplace sellers and offers more than 21 million products to eight million customers.
“We’ve created a marketplace that puts its buyers and sellers first, and now we’re giving the likes of Amazon a run for their money,” Paton said.
“We have an extremely efficient, scalable and sustainable business model, and the best technical framework to back it up, which is why we’ve achieved this level of success compared to some of our competitors raising upwards of £20 million.
“OnBuy has results-focused algorithms for marketing and growth, allowing us to scale quickly at a lower cost.
“With the backing of Fuel Ventures, we’re in the strongest and most exciting position we’ve ever been in.
“We’re delighted to have secured this investment, and we’re looking forward to creating immense head-turning growth over the next four years, including growing our team, expanding our reach and increasing our loyal customer base.”