OnBuy to expand into over 140 countries by 2023
OnBuy, a major online marketplace from the United Kingdom, has started an aggressive global expansion plan. The company wants to launch into more than 140 countries by the end of 2023. The plans follow after securing 5.5 million euros in a Series A funding round last June.
2020 was a very successful year for OnBuy, which is on track for achieving unicorn status within the next two years. The company is already valued at an estimated 200 million euros after launching just four years ago. And last year, the marketplace achieved its third consecutive year of over 600 percent growth.
OnBuy CEO: ‘the sky really is the limit’
“Securing unicorn status is not an easy feat, but our success so far proves it’s well within our grasp”, founder and CEO, Cas Paton, comments. “In January 2020, our business was valued at over 7 million euros, but by March, within only three months, OnBuy was valued at 15 million euros. More recently, OnBuy has been valued at 200 million euros,, and so if we continue on this trajectory as we anticipate, the sky really is the limit.”
Securing unicorn status is well within our grasp.
Already testing websites in 42 countries
Paton says the company has accomplished so much in the United Kingdom that he’s entirely confident that unicorn status is within reach. “Especially as we are already underway with our global scale up that will take OnBuy into over 140 countries before year-end 2023.” The company has already beta-tested territory specific sites in 42 countries for expansion of the OnBuy platform.
600 sellers onboarded each month in 2020
The CEO is confident about OnBuy’s ongoing success. “We have grown quickly over the last four years, but 2020 has skyrocketed our expansion and we are now growing at a phenomenal rate. With over 600 sellers onboarded each month last year, we’re on track to claim around five percent of the UK ecommerce market in the next three years. We’re aiming for one percent of the global ecommerce market in the next five years alongside that.”
We’re on track for 5% of the UK ecommerce market in the next three years.