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News OnBuy secures £3 Million Investment

Discussion in 'Business News & Resources' started by Erik, Feb 6, 2020.

  1. Erik

    Erik

    Joined:
    Sep 26, 2012
    Messages:
    2,813
    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:


    [​IMG]

    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/
    Import Expert likes this.
  2. eddie rex

    eddie rex

    Joined:
    Feb 5, 2010
    Messages:
    171

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

    Jed

    Joined:
    Feb 16, 2009
    Messages:
    8,826
    £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!
  4. Dan G

    Dan G

    Joined:
    Jul 9, 2019
    Messages:
    42
    I've met some people at events that do and seemed encouraging. Not done myself though
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