‘Amazon rival’ marketplace to double workforce following £3m investment
An online marketplace aiming to rival Amazon has secured a multi-million pound investment to expand its global reach and grow operations.
UK-founded OnBuy has secured £3m in a funding round led by London-based venture capital firm Fuel Ventures.
Established in 2016 by entrepreneur Cas Paton, OnBuy is an e-commerce platform that aims to offer an ethical and transparent marketplace for both buyers and sellers.
This latest investment will be used to generate the firm’s growth through overseas growth, with plans to expand into the USA, Canada, Australia and the UAE.
In addition, OnBuy will focus on boosting brand awareness and the development of its existing proposition, as well as doubling its workforce.
Cas Paton, founder and managing director of OnBuy, commented: “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.
“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.”
“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.”
Mark Pearson, founder of Fuel Ventures, added: “As a fund of entrepreneurs for entrepreneurs, we have extensive experience in the e-commerce 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.
“After seeing the company’s impressive growth to date, it’s apparent that OnBuy is destined to become a global player in the e-commerce marketplace world. We’re thrilled to be a part of this journey and can’t wait to share OnBuy’s great achievements over the next few years.”
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