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    Founder of UK Business Forums

News OnBuy secures £3 Million Investment

Sep 26, 2012
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As one of the world's fastest growing marketplaces, OnBuy, a UK founded marketplace, has recently secured a £3 million investment from Fuel Ventures, a London-based VC fund.

This investment will be used by the company to widen its reach and expand internationally, with plans to launch to more than 20 countries by the end of the year, including USA, Canada, Australia, and the UAE.

As per Cas Paton, founder and managing director of OnBuy:

OnBuy is a unique platform for sellers – we are an ethical marketplace, we are transparent, and we are trustworthy. I've dealt with many eCommerce sellers throughout my business career, and would always hear how tired they were of the way marketplaces like Amazon operated; how they'd compete directly with their own sellers and favour their own products in search results, even if they're more expensive. The popular marketplace model of retailing your own products and allowing other sellers to sell - one that favours the marketplace itself, rather than its retailers - is flawed. The result is that sellers miss out on sales, while customers get less choice and higher prices.

OnBuy was born out of a belief that by being fair and transparent, we could create a better experience for both sellers and buyers; we wanted to do things differently and improve the marketplace landscape. We've created a marketplace that puts its buyers and sellers first, and now we're giving the likes of Amazon a run for their money. We have an extremely efficient, scalable and sustainable business model, and the best technical framework to back it up, which is why we've achieved this level of success compared to some of our competitors raising upwards of £20 million. OnBuy has results-focused algorithms for marketing and growth, allowing us to scale quickly at a lower cost.

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.


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Mark Pearson, founder of Fuel Ventures, also commented:

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. It's a marketplace that values the seller just as much as the customer, which gives it a real USP as that has been historically overlooked by competitors.

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.


Launched in 2016, OnBuy has since launch, partnered with more than 3,000 sellers. With its platform not competing with its own sellers, the site now offers more than 21 million products to 8 million customers.


https://www.onbuy.com/gb/news/onbuy-the-uk-founded-amazon-rival-secures-3-million-investment~a188/
 
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Feb 5, 2010
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UK
As one of the world's fastest growing marketplaces, OnBuy, a UK founded marketplace, has recently secured a £3 million investment from Fuel Ventures, a London-based VC fund.

This investment will be used by the company to widen its reach and expand internationally, with plans to launch to more than 20 countries by the end of the year, including USA, Canada, Australia, and the UAE.

As per Cas Paton, founder and managing director of OnBuy:




onbuy.png

Mark Pearson, founder of Fuel Ventures, also commented:




Launched in 2016, OnBuy has since launch, partnered with more than 3,000 sellers. With its platform not competing with its own sellers, the site now offers more than 21 million products to 8 million customers.


https://www.onbuy.com/gb/news/onbuy-the-uk-founded-amazon-rival-secures-3-million-investment~a188/


has anyone actually sold anything on there?? just checking if its worthwhile
 

Jed

Feb 16, 2009
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£3m to launch in 20 countries... £150k per country will get them nowhere against the incumbents (USA especially this will get them nowhere against eBay).

IMO they would be better off investing in the UK and growing to be a bigger eBay challanger rather than spreading themselves thin worldwide.

But of course VC firms just see GLOBAL GROWTH GO GO GO!
 
I have never used OnBuy, but I remember my financial advisor mentioning it. As it turned out, he was right; too bad I hesitated to invest when he suggested. By the way, I think three million might not be enough to launch in twenty countries at once, do you? I have a sum of money that I put aside for investment purposes. Cryptocurrency was my initial goal, but it's too risky for me. Plus, it is not that attractive anymore, given that cryptocurrency fluctuations are not as accentuated as they used to be.