UK marketplace OnBuy recently celebrated their 7th anniversary with CEO Cas Paton revealing some big news about a new investor and plans to expand internationally in 2024.
Paton made the announcement about OnBuy's first profitable month and future plans in a post on LinkedIn.
VERY PLEASED to share that OnBuy had its first ever profitable month in October, and we are forecasting a profitable quarter!
What is next?
We've closed a strategic investment from a NASDAQ-listed global tech player. Now, we're inviting our existing shareholders to invest in the next part of the journey
We exploring the opportunity of opening a small round for external investors, sellers, customers to partake through crowdfunding
We're going to open up our first country sites in 2024, which is very exciting - and we expect significant additional growth (more on this soon!)
We will invest in our technology and scaling, setting our sights very firmly on the next big goals
We plan to scale up the UK, driving more customers, sellers, product and sales, growing the business to new heights
This year has been a complete transformation for OnBuy, we are in the strongest position we have ever been in - and now we will begin the "scale out" to get the marketplace truly thriving!
A huge thank you to all of our investors, sellers, customers! We are truly disrupting the ecommerce market and we couldn't, without you!
And extra special thank you to Fuel Ventures 🚀 who supported us over the past four years, with unwavering belief in the vision and myself.
OnBuy has been ranked as Europe’s fastest-growing e-commerce business by The Financial Times and has several major product releases this year, including improvements to payments as well as a cashback program with 1% guaranteed on all items and extra rewards for its most loyal customers.
They've also recently introduced a seller referral program that allows affiliates to earn 10% of OnBuy's revenue share for a year.
Paton says the business is in the strongest position they have ever been in, adding:
Taking OnBuy international has always been an important part of our roadmap, but due to factors beyond our control such as Brexit, COVID and more positively, significant UK growth, we chose to put our plans on hold until we could ensure success.
To secure investment in the current climate pays great testament to all the hard work that the OnBuy team has put into realising our strategy. To be able to present the results and breadth of opportunity that inspires investor confidence at this point in time is a real achievement.
Do you buy or sell on OnBuy? We'd love to hear about your experiences with this growing marketplace - drop a comment below or contact VAR!