Online marketplace听 has closed听拢35 million听in听Series A+ funding through VC and strategic technology investors.听
Founded听in 2016,听OnBuy鈥檚听鈥榣evel playing field鈥� offering听has attracted more than 7,000 retailers, hosting over 36 million products on the platform.听听
The Bournemouth-based company听does not听compete with its retailers, offering听what it calls听a fair听and transparent听marketplace to host well-known brands both big and small.听
In just four听years,听OnBuy听has grown to 拢155m听annualised GMV with only 拢8m听in total investment until now.听听
It says the new investment of 拢35m,听a听mix of debt and equity, will fuel further meteoric growth for听OnBuy, with sights firmly set on reaching unicorn status in the coming years.听听
Significant input comes from players including Bring Ventures, Norway Post venture arm, Fuel Ventures, Guy Hands (founder and chairman of Terra听Firma听Capital Partners), Knut听Fr盲ngsmyr听(Deputy CEO of Klarna) and Richard Goulding (founder of Play.com) amongst other strategic investors.听听
In addition to external investment, a fully funded 拢2m听allocation was set aside for existing retailers currently using the platform. This funding will enable听OnBuy听to further develop its product offering for both sellers and听consumers,听and听pursue global expansion.听
鈥淭his investment will allow us to unlock even more potential and take听OnBuy听to the next level with an even better, easier to use product than ever before,鈥� said founder and CEO Cas Paton.听听
鈥淲e鈥檝e made it this far with the help of our early angels, amazing team, trusted retailers and of course听all of听our amazing customers, but we鈥檙e not nearly done yet.听听
鈥淲e鈥檙e here to make noise, challenge the status quo and change the digital marketplace landscape forever.鈥�听
Thomas Tscherning, Bring Ventures, EVP Norway Post,听commented:听鈥淥nBuy听has experienced tremendous growth and we believe the company has a very promising future ahead.听听
鈥淲e look forward to being a part of听OnBuy鈥檚听continued growth through this venture investment that we believe will strengthen our portfolio of e-commerce activities.鈥�听
The firm鈥檚听roadmap of announcements in the coming 12-24 months听is planned to听include the development of a consumer app, improvements to the product infrastructure, the launch of new partnerships as well as further global expansion.听