// OnBuy records 800% sales growth in January
// The milestone puts the online OnBuy in strong position to launch Series B funding round this spring
// The OnBuy has also hit £200m since launching 4 years ago
OnBuy has haled a record-breaking start to 2021, reporting year-on-year growth of 800 per cent in the first month of the year.
The online marketplace said this milestone means it beat last year’s sales figures in the first three days of the year.
OnBuy chief executive Cas Paton added that the growth so far places the retailer in a good position to launch its Series B funding round, which it plans to do in spring this year.
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It comes after OnBuy hit the year-to-date milestone of £200 million in sales and 7 million users in 2020 – four years since it launched.
“I’m incredibly pleased with these results,” Paton said.
“We’re committed to bringing more value to our customers through our fast-growing network of retailers – and as we’re a true marketplace, not a retailer, all of our success is shared by the independent businesses that trade through our platform.
“That’s what makes OnBuy such an attractive prospect for businesses looking to transition to online selling, as well as those dissatisfied with their current ecommerce platform.
“We’ll soon be opening our Series B funding round. Having only received £8 million in investment to date and achieved such astonishing growth in just four years, I believe that we are one of the most capital-efficient businesses in operation today.
“We aim to secure backers who want to be a part of the ground-breaking journey we’re on to change the way the world looks at ecommerce, and those who can support our proven business model to further establish OnBuy as a household name in the UK and in new markets around the world.”
Looking ahead, OnBuy said it planned to embark on the first phase of its international scale-up into over 140 countries by year-end 2023.
The online marketplace also plans to double its sales by June, putting it on track to achieve over £1 billion in GMV by 2023.
The business has already scaled its workforce four times to over 60 full-time staff members, and plans create another 100 jobs over the next two years after it expands its offices into Manchester in spring 2021.