OnBuy has announced it will launch globally this summer, after securing a £5m investment.
It comes as the online marketplace said it has seen “record sales” increase by 1100% in the past year, and now expects to be turning over £2bn in sales by 2024.
The retailer said it will use the new funding to launch an “aggressive international expansion plan” into 140 new territories, including the US, Germany, France, Spain and the UAE. In order to accommodate this expansion, it has tripled its workforce to over 50 full-time staff.
The Series A funding was raised from London-based VC firm Fuel Ventures and other investors, including Nathalie Gaveau, the co-founder of Priceminister, a French marketplace later acquired by Rakuten.
OnBuy founder and CEO, Cas Paton, said: “The injection of this additional funding not only allows us to substantially grow the operational side of the business, but it gives the OnBuy team backing from phenomenal investors who can bring an array of eCommerce experience and expertise to the table, bolstering an already strong globalisation strategy.
“2020 is a coming-of-age era for OnBuy, where we’ve seen some of the world’s largest brands and retailers come on board.”
He added: “By having products from the leading household names available, including Procter & Gamble, Unilever and Kimberly-Clark, we are driving better competition which feeds into better pricing for consumers across a huge variety of products.
“We’re gearing up for an enormous expansion into over 140 new countries, which will allow OnBuy to become the first global marketplace and further set ourselves apart from the competition.”
Mark Pearson, founder of Fuel Ventures, said: “In recent years the VC world has largely turned its back on marketplaces.
“They are notoriously hard to build and even harder to grow, given that the market is dominated by some of the largest companies in the world.”
He added: “However, it’s clear from seeing OnBuy’s unique model, their achievements to date and the impressive year-on-year growth that they have found the right formula for long-term success.
“The decision to invest in OnBuy was an easy one for Fuel Ventures: it is now on the verge of becoming a serious global player, with some of the largest retailers and brands in the industry flooding to join the world’s fastest-growing marketplace.”