OnBuy completes £35 million in funding to compete with Amazon

In addition to the common Amazon, each European country also has its own local e-commerce platform. OnBuy, a British e-commerce platform that claims to be a "direct alternative to Amazon", recently completed a financing of 35 million pounds with the goal of striving for unicorn status in the e-commerce market.

OnBuy was founded in the UK in 2016, with traffic mainly coming from the UK and the Netherlands. After several years of development, the number of stable users has reached 1.5 million, and the annual GMV has grown to 155 million pounds. Previously, it raised a total of 8 million pounds, and this new round of financing will accelerate its development.

Amazon believes that "OnBuy's sales are only about 1% of Amazon's sales in the UK," despite this, many people also believe that OnBuy is a strong competitor in today's e-commerce market.

According to OnBuy's report, sales on the platform have increased 13 times in the past 13 months, especially in 2020, which achieved a year-on-year growth of more than 600% for the third consecutive year. Moreover, sales in March this year were £3 million higher than the previous month, and are expected to exceed £200 million in the next 12 months.

The founder of OnBuy also said; "By the end of 2021, the global e-commerce market is expected to reach 4.2 trillion US dollars, and this figure will continue to grow in the next few years. With this financing, we will also be able to tap into greater potential and take our platform to a new level. At the same time, we will also let more people see, challenge and change the current online market landscape." Not only the UK and Europe, OnBuy's ambition is global.

Europe's e-commerce market is currently in a booming development trend. According to data from China Railway, a total of 7,377 China-Europe freight trains were launched in the first half of 2021, a year-on-year increase of 43%, and the momentum is strong.

Moreover, European overseas warehouses are in short supply. According to experts’ predictions, in order to meet the development of local e-commerce, Europe will need to add thousands of warehouses and distribution centers. In the next five years, Europe will need to add approximately 27.68 million square meters of storage space.

Under such prospects, as a local e-commerce platform in the UK, OnBuy will surely seize this opportunity and continue to grow to compete with Amazon.

Europe

Cross-border e-commerce

OnBuy