A successful UK business which acts as an online marketplace where consumers can find the best deals is set to be launched globally this summer after securing £5million investment.
UK-based eCommerce firm OnBuy claims to offer businesses a fairer and more transparent platform to sell their products to buyers.
It has enjoyed record sales in the past year as savvy consumers seek out better deals.
OnBuy's founder and CEO Cas Paton predicts the thriving business will turn over £2billion in sales by 2024.
Following a 1,100% sales increase in the past year - and after closing this round of funding - OnBuy plans to aggressively expand internationally into 140 new territories - including the US, Germany, France, Spain and the UAE.
OnBuy has tripled its workforce to more than 50 full-time staff to accommodate this rapid growth.
Cas Paton said: "The injection of this additional funding not only allows us to substantially grow the operational side of the business, but it gives the OnBuy team backing from phenomenal investors who can bring an array of eCommerce experience and expertise to the table, bolstering an already strong globalisation strategy.
"2020 is a coming-of-age era for OnBuy, where we've seen some of the world's largest brands and retailers come on board.
"By having products from the leading household names available, including Procter & Gamble, Unilever and Kimberly-Clark, we are driving better competition which feeds into better pricing for consumers across a huge variety of products.
"We are well on track to claim 3-5 per cent of the £84billion UK eCommerce market in the next three years, and we're aiming for 1 per cent of the $3.46 trillion global eCommerce market, equating to $35bn, in the next five years.
"We're gearing up for an enormous expansion into over 140 new countries, which will allow OnBuy to become the first global marketplace and further set ourselves apart from the competition."
The funding was raised from leading London-based VC firm Fuel Ventures and other experienced investors including Nathalie Gaveau, the co-founder of Priceminister, a premium French marketplace later acquired by Rakuten.
Mark Pearson, the entrepreneur behind MyVoucherCodes prior to launching Fuel Ventures, said: "In recent years the VC world has largely turned its back on marketplaces.
"They are notoriously hard to build and even harder to grow, given that the market is dominated by some of the largest companies in the world.
"However, it's clear from seeing OnBuy's unique model, their achievements to date and the impressive year-on-year growth that they have found the right formula for long-term success."
