OnBuy January sales surge 800%
The group is looking to launch a second funding round in Spring 2021
OnBuy.com, an online retail marketplace, has reported an 800% year-on-year growth in sales for the month of January.
The surge in revenue, which surpassed January 2020’s results within the first three days of the year, will reportedly support the group’s intentions to launch an investment round.
The company, which has been trading for four years, achieved 605% year-to-date growth for 2020 as its monthly users spiked to nearly seven million.
Cas Paton, founder and CEO at OnBuy, said: “We’re committed to bringing more value to our customers through our fast-growing network of retailers – and as we’re a true marketplace, not a retailer, all of our success is shared by the independent businesses that trade through our platform.
“That’s what makes OnBuy such an attractive prospect for businesses looking to transition to online selling, as well as those dissatisfied with their current eCommerce platform.”
The firm recently hit £200m in gross merchandise volume (GMV) having only received £8m in investment to date, leading Paton to believe it is “one of the most capital-efficient businesses in operation”.
A Series B round of funding is due to launch in Spring 2021, as the firm looks to attain £1bn in GMV by 2023.