It’s not just Amazon on the up, independent marketplace OnBuy.com has reported a record-breaking start to 2021, seeing 800% year on year growth so far in January, beating last year’s sales figures in the first three days of the year.
The growth announcement comes as founder and CEO, Cas Paton, prepares to launch OnBuy’s Series B funding round.
OnBuy saw sales soar in 2020 from a run rate of £24m to more than £200m and monthly users trending at just under 7 million, OnBuy is quickly gaining market share. Thanks to a wide-scale Q4 marketing campaign designed to further support its independent retailers by increasing brand awareness and engagement, OnBuy’s Trustpilot review count also increased by 680% from 2019 to 2020. Now standing at over 20,000 reviews, the company has maintained its 4.6/5 rating, highlighting the increasing popularity of the brand.
The company is now raising funds to deliver its expansion plan, which would see it scale up to 140 countries by year-end 2023 and attempting to achieve a GMV of £1bn by the start of 2024.
On the funding round, Cas Paton, founder and CEO of OnBuy, comments: “We’ll soon be opening our Series B funding round. Having only received £8m in investment to date and achieved such astonishing growth in just four years, I believe that we are one of the most capital-efficient businesses in operation today. We aim to secure backers who want to be a part of the groundbreaking journey we’re on to change the way the world looks at eCommerce, and those who can support our proven business model to further establish OnBuy as a household name in the UK and in new markets around the world.”