AN ONLINE marketplace launched as an alternative to the likes of Amazon has grown by 24,000 per cent in four years.

Poole-based OnBuy has trebled its workforce to more than 50 full time staff after sales grew by 600 per cent for a second consecutive year.

It said it achieved a 24,000 per cent rise in gross merchandise volume (GMV) by the end of the 2020 fiscal year and is eyeing £2billion in sales by 2024.

The platform brings together thousands of online sellers, from household names to independent traders, offering millions of products. Its categories include electricals, baby and toddler, home and garden and cars and automotive.

It has amassed eight million customers, more than 25m products, more than four million monthly visitors and upwards of 400 new retailers each month.

Founder and chief executive Cas Paton said: “These incredible growth figures are evidence that the market desperately needed a marketplace like OnBuy that, through creating an e-commerce ecosystem that benefits online retailers and customers equally, can provide a sustainable long-term solution to selling and shopping online.

“We’ve evidently found the right formula for success: we’re already running at £120m in sales and we haven’t even launched globally yet. Ahead of our phased launch into over 140 countries, where we’ll have the widest reach of any online marketplace, we’re investing heavily in the UK site with a massive Q4 planned.

Cas Paton, managing director of OnBuy, is launching the online marketplace to rival Amazon

“We expect to 5x our millions-strong audience this year, which will further accelerate our 24,000 per cent growth. We’re projecting a turnover of £2bn in sales by 2024, and we’re set to claim 3-5 per cent of the £84bn UK ecommerce market in the next three years.”

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OnBuy recently raised £5m in venture capital from London-based Fuel Ventures alongside experienced investors including Nathalie Gaveau, counder of the premium French marketplace Priceminister. The investment will enable OnBuy to launch globally.