Already a major online marketplace in the UK, OnBuy has decided to expand to new
territories. The firm has advanced that it is on a mission to offer its services
in more than 140 countries by the end of 2023. This follows the fact that it
raised 5.5 million euros in a Series A funding round in June.
Like many e-commerce companies, OnBuy considerably
benefitted from the lockdown. After the increase in business, the firm is now
on track to receive unicorn status
within the next two years. Already, its value is estimated to be 200 million
euros. This is quite a huge feat since in January 2020, this amount was 7
million euros and by March, it increased to 15 million. Launched four years
ago, the online marketplace had been successful even before the
lockdown. Last year, it achieved its third consecutive year of over 600 percent
growth.
With regards to the expansion, the firm is already testing territory
specific sites in 42 countries. OnBuy’s CEO advanced, “With over
600 sellers onboarded each month last year, we’re on track to claim around five
percent of the UK e-commerce market in the next three years. We’re aiming for
one percent of the global e-commerce
market in the next five years alongside that”.
OnBuy will launch in more countries © Royalty-free image
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