OnBuy is claiming to be the fastest-growing marketplace in the world, seeing 240-fold sales growth in the four years since launching, with sales growing to £120 million. It is now aiming to hit £2 billion by 2024.
The marketplace also announced 600% revenue growth in 2020 for the second consecutive year – despite a worldwide slowdown in economic growth – which follows a 500% increase from 2017 to 2018, further cementing the company’s position as a major player in the marketplace sector. To accommodate this exponential growth, OnBuy has tripled its workforce to over 50 full-time staff.
The company’s growth is set to continue well beyond this as it enters Q4 with a strong marketing strategy and prepares for the first phase of its global launch into over 140 countries. Having already amassed more than 8 million customers, more than 25 million products, 4 million plus monthly visitors and upwards of 400 new retailers every month, the online marketplace has an aggressive marketing ramp up planned across multiple channels and a range of promotions to drive customer awareness and engagement, with exciting news to follow on this next week.
The announcement of the growth comes shortly after OnBuy closed a £5 million Series A funding round. The round was raised from Fuel Ventures, a leading London-based venture capital firm, alongside experienced investors including Nathalie Gaveau, the co-founder of Priceminister, a premium French marketplace acquired by Rakuten. The investment will power OnBuy’s global launch, putting it on track to become the world’s first truly global marketplace.
As the fastest-growing marketplace in the world, OnBuy offers competitive prices on millions of products supplied by thousands of trusted online retailers. From household names to independent sellers, buyers can shop securely for products from a range of categories, such as electricals, baby and toddler, home and garden, and cars and automotive.
OnBuy’s founder and CEO, Cas Paton, commented: “These incredible growth figures are evidence that the market desperately needed a marketplace like OnBuy that, through creating an eCommerce ecosystem that benefits online retailers and customers equally, can provide a sustainable long-term solution to selling and shopping online.”
Paton adds: “We’ve evidently found the right formula for success: we’re already running at £120 million in sales and we haven’t even launched globally yet. Ahead of our phased launch into over 140 countries, where we’ll have the widest reach of any online marketplace, we’re investing heavily in the UK site with a massive Q4 planned. We expect to five-times our millions-strong audience this year, which will further accelerate our 24,000% growth. We’re projecting a turnover of £2 billion in sales by 2024, and we’re set to claim 3-5% of the £84 billion UK eCommerce market in the next three years.”