has offered its 100+ employees the chance to own a stake in the business ahead of a planned IPO.
The eCommerce marketplace, on track to be UK鈥檚 next tech unicorn after recording 200% revenue growth in the last 12 months, is looking to maintain its impressive growth by allowing staff to be invested in its future success.
Over 拢1 million in granted share options will be offered – equivalent to around 25% of each staff member鈥檚 annual income – as the company begins to expand internationally and plans for an IPO in the next two years.
The news follows an extremely successful month for the online marketplace, reporting that GMV over the infamous Black Friday weekend increased YOY by 25%, despite the retail sector showing an overall decline in the same period.聽
OnBuy offers 36 million listings and is committed to being a fair partner to retailers, as – unlike other major marketplaces – it does not create its own product lines that compete directly with sellers.聽
It also sacrificed 85% of its commission fees on Black Friday so sellers could offer great promotions without losing margin.
鈥淎t OnBuy, we do the right thing by our retailers and customers, so it鈥檚 natural that we would do the right thing by our staff too – and we don鈥檛 believe any employee should have to be in the boardroom to benefit from company growth,鈥� said Cas Paton, CEO and founder.聽
鈥渆Commerce is a fast-paced 24-hour business and many firms have been in the spotlight recently for poor working practices and in some cases, downright abuse of staff.聽
鈥淔rankly this is unacceptable and at OnBuy, we are committed to creating a fair and transparent working environment for all. We want to show that working for an eCommerce giant can be a hugely positive experience and our team is absolutely vital to our future success.聽
鈥淲e want to reward hard work financially, showing employees that they aren鈥檛 just a cog in the machine.鈥�
OnBuy has grown its team to more than 100, prompting a relocation to new, larger offices in Bournemouth, and will soon launch a mobile app.