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.
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“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.”Mark Pearson, founder of Fuel Ventures
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.
“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
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.
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