UK-based online marketplace, OnBuy.com, has successfully raised £35 million in its latest funding round from venture capital firms and strategic technology investors. This injection of funds will be used to enhance the platform’s product offerings and facilitate its global expansion plans. OnBuy.com aims to develop a consumer app, improve its product infrastructure, and establish new partnerships over the next 12-24 months.

Despite having only received £8 million in investment so far, OnBuy.com continues to achieve impressive results, generating £155 million in Gross Merchandise Value annually. The influx of new funding, consisting of debt and equity, is expected to drive further growth and help the company achieve unicorn status in the future.

The funding round attracted significant investors, including Bring Ventures, the Norway Post venture arm, Fuel Ventures, Terra Firma Capital Partners’ founder and chairman, Guy Hands, Knut Frängsmyr, the deputy CEO of Klarna, and Richard Goulding, the founder of Play.com. In addition, £2 million will be allocated to support retailers currently using the OnBuy.com platform.

OnBuy.com distinguishes itself as a “pure online marketplace that doesn’t compete with retailers” and aims to level the playing field in the online retail space. The platform boasts over 7,000 retailers and hosts over 36 million products. Cas Paton, the founder and CEO of OnBuy.com, is driven by the vision to create a unique and fair marketplace model. He believes that the current industry model is unfair and detrimental, and OnBuy.com seeks to disrupt it for the benefit of all parties involved.

With the global e-commerce market projected to reach $4.2 trillion by the end of 2021, OnBuy.com is strategically positioned to capitalize on this significant growth. The recent funding will empower the company to unlock its potential and deliver an even better user experience. Paton expresses gratitude for the early angels, dedicated team, loyal customers, and trusted retailers who have supported OnBuy.com’s journey thus far. He emphasizes the company’s determination to make a lasting impact on the digital marketplace landscape.

Investors involved in this funding round are confident in OnBuy.com’s future prospects and recognize the tremendous growth opportunities ahead. As the platform continues to disrupt the online retail space, it is poised to make a significant impact and solidify its position as a prominent player in the industry.

To learn more about OnBuy.com and its plans for expansion, visit their official website: https://www.onbuy.com/

For more information on the global e-commerce market, read this report: https://www.grandviewresearch.com/industry-analysis/e-commerce-market