UK eCommerce Marketplace OnBuy Set to Double Workforce with Fuel Ventures’ Support
- OnBuy secures £3m investment from VC fund Fuel Ventures
- Expansion into 20 countries, including US, Canada and Australia
- Increase brand awareness and develop new solutions, integrations and features on its platform
- Over 3,000 retailers partnered with and 8 million customers
- OnBuy launched in November 2016 by Cas Paton
OnBuy, a UK-based eCommerce marketplace, has secured a £3 million investment from VC fund Fuel Ventures. The company plans to use the funds to double its workforce and expand into 20 countries by year-end, including the US, Canada, and Australia. Additionally, OnBuy aims to increase brand awareness and develop new solutions, integrations, and features on its platform. Founded in November 2016 by Cas Paton, the company has partnered with over 3,000 retailers and boasts an 8 million-strong customer base. With Fuel Ventures’ backing, OnBuy anticipates significant growth over the next four years, including team expansion and increased customer reach.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the investment received by OnBuy from Fuel Ventures, the planned expansion into new countries, and quotes from key figures involved in the deal. It also includes details on the company’s history and growth potential.
Noise Level: 3
Noise Justification: The article provides relevant information about a company’s investment and expansion plans, but lacks in-depth analysis or exploration of long-term trends or consequences. It also does not offer actionable insights or new knowledge for the reader.
Financial Relevance: Yes
Financial Markets Impacted: eCommerce industry
Financial Rating Justification: The article discusses a £3m investment in an eCommerce marketplace, which impacts the financial situation of the company and potentially affects its growth and expansion plans. It also mentions the involvement of VC fund Fuel Ventures, which is relevant to financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme events or crises mentioned in the article
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