UK-founded online marketplace OnBuy.com is seeking a new round of investment to launch newly identified growth opportunities.

The firm has previously raised £2.7m to launch its eCommerce platform and is now seeking a top-up of £500,000 to develop the offering, become profitable and fuel growth.

It has seen substantial growth since its launch in November 2016, reporting 10.5 times revenue growth between May 2018 and May 2019, and a 600 per cent growth in users year-on-year in April 2019.

The new plans include integration with external partners to deliver innovative services, expanding the geographical reach of the platform, and increasing sales for sellers using on and offline marketing.

Additional funding would also support the introduction of new services, buying incentives, and expansion into new online territories, growing its already million strong active users.

The online marketplace said it expects to launch into 140 major countries within the two years following investment, having seen monthly growth at nearly 20 per cent.

The company, which does not sell its own products or compete with sellers, is pursuing new data and SEO techniques to improve its platform for sellers, introduced profiles on featured brands, and the launch of a mobile app.

“Since launching in 2016, OnBuy has seen phenomenal growth. We are changing how the world looks at eCommerce,” said Cas Paton, founder and MD of OnBuy.com.

Paton recently told BusinessCloud he thinks the Amazon marketplace model is broken.

“Alongside a strategic marketing plan to expand reach and drive revenue, we want to harness and explore new growth opportunities. Within our plans sits the launch of an OnBuy Fulfilment Network, allowing partner companies to connect with us to create the most powerful fulfilment opportunity in the UK.

“Operating the business more efficiently than our competitors has enabled us to grow so significantly with previous funding and to forecast profit with such modest investment this time around. We are so excited to progress OnBuy to the next level and are actively looking for investors to join us on this journey.”

The company plans to raise again a further £15m in 2020 to accelerate the platform even further.