European law firm Fieldfisher's venture capital team has advised UK-based ecommerce business OnBuy.com on the equity financing aspects of its £35 million Series A+ round with some of the leading names in online retail.
The Series A+ financing, which was structured as mix of both equity and venture debt, involved participation from strategic retail and tech investors, including Knut Frängsmyr (Deputy CEO of Swedish fintech Klarna); Richard Goulding (founder of the online marketplace Play.com); Guy Hands (founder and chairman of UK-based VC fund Terra Firma Capital Partners); Scandinavian VC firm Bring Ventures, Norway Post venture arm; and London early-stage growth specialist VC fund Fuel Ventures, among others.
In addition to the external investment, a fully funded £2 million allocation was set aside for existing retailers currently using the platform who wish to invest in OnBuy's future growth.
Since its inception in 2016, Bournemouth-headquartered OnBuy has sought to disrupt the ecommerce market, taking on industry giants and offering a 'level playing field' for retailers by not competing with them.
OnBuy has so far attracted more than 7,000 retailers, hosting over 36 million products on the platform and has grown to £155 million annualised gross merchandise value (GMV) with just £8 million total investment until now.
The company plans to use the Series A+ financing to further accelerate its growth with the aim of achieving unicorn status in the coming years.
The Fieldfisher team advising OnBuy on the financing was led by Manchester corporate partner and Head of the firm's Venture Capital Group, Tom Ward.
Commenting on the deal, Tom said:
"We're delighted to have worked with Cas and the OnBuy team on this investment round. We have a strong and growing reputation for helping ecommerce growth businesses obtain the finance they need to scale into successful UK companies.
"We are watching OnBuy's growth with a keen interest, and wish them every success for the future."
Cas Paton, founder and CEO of OnBuy, commented:
"This investment will allow us to unlock even more potential and take OnBuy to the next level with an even better, easier to use product than ever before. We're here to make noise, challenge the status quo and change the digital marketplace landscape forever.
"We really appreciated Tom and Andy’s expert advice along the way, as well as their commercial input on this funding round. They worked tirelessly to get this deal over the line and we would definitely work with them again on future projects."
Tom Ward was assisted on the deal by corporate associate, Andrew Oliver.
Fieldfisher is a European law firm with market leading practices in many of the world's most dynamic sectors.
We are an exciting, forward-thinking organisation with a particular focus on energy & natural resources, technology, finance & financial services, life sciences and media.
Our cross-border corporate group is immersed in the international M&A, private equity and venture capital market, from seed stage and growth capital financings to leveraged buy-outs and exits. Our teams provide integrated support across Europe and in each of our domestic markets.
Our network has more than 1,700 people working across 25 offices providing highly commercial advice based on an in-depth understanding of our clients' needs.
We operate across our offices in Amsterdam, Barcelona, Beijing, Belfast, Birmingham, Bologna, Brussels, Dublin, Düsseldorf, Frankfurt, Guangzhou, Hamburg, London, Luxembourg, Madrid, Manchester, Milan, Munich, Paris, Rome, Shanghai, Turin, Venice and Silicon Valley.
Founded in the UK in 2016 by Cas Paton, OnBuy has a simple vision: to be the best choice for every customer, everywhere. The brand has established itself in the eCommerce sector as a pure online marketplace that doesn’t compete with retailers. This fair and transparent approach provides an exceptional experience for buyers by levelling the playing field for sellers.
Offering 36 million products, OnBuy gives thousands of verified online retailers the platform to provide competitive prices and exceptional value to customers. From household names to independent sellers, buyers can shop securely for products from a wide range of categories, such as electricals, beauty, home and garden, toys, and baby supplies.
Trusted by millions of consumers and world leading brands, OnBuy’s mission is clear; it doesn’t compete, it partners with retailers. By understanding customers, OnBuy continues to deliver the shopping experience that they want again and again.
LinkedIn - OnBuy.com
Instagram - @onbuy_gb
Facebook - @OnBuyGB
Twitter - @OnBuy
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