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OnBuy announced it has secured a £3m investment from VC fund Fuel Ventures after receiving “numerous investment offers”.
The online retailer said the investment would “double” its workforce and sees the group expand into 20 countries, including the US, Canada and Australia by the end of the year.
As well as overseas expansion, the group said the investment would be used to increase brand awareness and develop new solutions, integrations and features across its platform.
The retailer was launched in November 2016 by Cas Paton, and is now recognised as a “leading” eCommerce marketplace. It has partnered with more than 3,000 retailers and has a user base of 8 million customers.
Cas Paton, founder and managing director of OnBuy, said “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 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.
“After seeing the company’s impressive growth to date, it’s apparent that OnBuy is destined to become a global player in the eCommerce 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.”
