BikeBiz Bicycle and cycling retail news
Online marketplace OnBuy has revealed 24,000% GMV growth at the end of this fiscal year, four years after launching.
It has also announced 600% revenue growth in 2020, and has tripled its workforce to over 50 full-time staff.
The announcement of the growth comes shortly after OnBuy closed a £5 million Series A funding round. The round was raised from Fuel Ventures, a London-based venture capital firm, alongside investors including Nathalie Gaveau, the co-founder of Priceminister, a French marketplace acquired by Rakuten.
OnBuy’s founder and CEO Cas Paton said: “These incredible growth figures are evidence that the market desperately needed a marketplace like OnBuy that, through creating an e-commerce ecosystem that benefits online retailers and customers equally, can provide a sustainable long-term solution to selling and shopping online.
“We’ve evidently found the right formula for success: we’re already running at £120 million in sales and we haven’t even launched globally yet. Ahead of our phased launch into over 140 countries, where we’ll have the widest reach of any online marketplace, we’re investing heavily in the UK site with a massive Q4 planned.
“We expect to 5x our millions-strong audience this year, which will further accelerate our 24,000% growth. We’re projecting a turnover of £2 billion in sales by 2024, and we’re set to claim 3-5% of the £84 billion UK e-commerce market in the next three years.”
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