OnBuy Commits to Its Home County Dorset With £10 Million Investment
UK-based marketplace OnBuy.com has joined forces with Dorset Chamber of Commerce and Industry (Dorset Chamber) as a Premier Business Partner to mark its commitment to the county ahead of a worldwide scale-up.
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OnBuy has committed to becoming a Premier Business Partner with Dorset Chamber in 2021 as part of its wider £10m investment into Dorset. OnBuy is on a mission to revolutionise the eCommerce sector by providing a fair, transparent and ethical marketplace that benefits both buyers and sellers.
The fast-growing eCommerce business has operated from its headquarters in Poole since it was founded in 2016 and currently employs over 60 people. The membership cements OnBuy’s roots in the region and demonstrates its support to the regional business community, alongside its commitment to local recruitment.
OnBuy has seen meteoric growth in the past year, on the back of a successful £5m Series A fundraiser in June 2020. Sales grew 870 percent from November 2019 to November 2020 and have shot from a run rate of £24m to over £170m in one year.
The marketplace’s sales are forecasted to hit £2 billion before year-end 2023. The company’s Series B fundraiser is on the horizon in early 2021, allowing it to accelerate its phenomenal growth and continue expanding.
“OnBuy has gone from strength to strength in the last four years and after a record-breaking 2020, we’re going to grow even faster in 2021. We’ve set our sights on achieving unicorn status and we’re going to achieve that from our HQ right here in Dorset.”
“Reaching unicorn status is about establishing the credibility of our vision worldwide, and I’m looking forward to taking our ethical eCommerce ecosystem to the world stage. We’ll be doubling our Dorset-based team within the next two years and Ian and I have already had exciting conversations with BCP Council about finding a new OnBuy HQ, as we’re on the lookout for additional premises in the area too.”Cas Paton, CEO of OnBuy
OnBuy Expansion Also Means Staying Close to Its Roots
OnBuy is embarking on a worldwide scale-up into over 140 countries by year-end 2023, starting with 42 initial sites in early 2021. To support its incredible growth, OnBuy is continually recruiting within the region for a variety of roles.
“Although we’ll be investing an additional £10 million into expanding our operations in Manchester next year, on top of the £10 million we’re committing to our home county, I see OnBuy’s headquarters remaining in Dorset. The county has huge potential; I want to put Dorset on the world stage for tech. Forget Silicon Valley, it’s all about Silicon Beach now and OnBuy will be Dorset’s first unicorn tech company!”
“I’m glad to be working with Dorset Chamber to help realise these ambitions for the area and am looking forward to connecting with more Dorset businesses through the network.”Cas Paton, CEO of OnBuy
Dorset Chamber – the county’s leading business support organisation – has more than 700 members with more than 37,000 employers.
“We are delighted to welcome OnBuy on board as a Premier Business Partner and active recruiter within our community. OnBuy is one of the most exciting, fastest-growing businesses in the county and we’re pleased to be able to support the company in realising its ambitions.”
“Businesses like OnBuy help to keep Dorset on the map for business and entrepreneurialism so that we can continue to attract great talent and encourage more ambitious founders, like Cas, to start their businesses in the county. We are looking forward to working with OnBuy as they continue on their upward trajectory.”Ian Girling, Chief Executive at Dorset Chamber
Along with OnBuy’s unprecedented growth, its seller base has increased by 10% every month over the last three consecutive months, with over 600 new sellers joining in November alone. OnBuy has also recently been awarded eCommerce Company of the Year in the 2020 UK Tech Business Awards.
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Editorial Note: This post is from a Company Press Release and may have been modified for clarity.