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OnBuy (Secondary)

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OnBuy - The world's first Cashback marketplace, ranked one of Europe's fastest growing companies.

Closed 4 Jun 2024
£609,631 for sale
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Business overview

Location Bournemouth, United Kingdom
Social media
Website www.onbuy.com
Sectors Advertising & Marketing Digital Mixed B2B/B2C
Company number 09108414
Incorporation date 30 Jun 2014
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Investment summary

Type Secondary
Last valuation £153.3M
This sale offer 20.00% discount
Tax relief N/A
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Business highlights

  • Over 6 million UK customers
  • Only marketplace to offer Cashback on everything
  • £150m GMV run rate sales and 3263% growth*
  • Three time Deloitte Fast 50 and FT1000 winner
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Key features

  • Secondary Market
  • Nominee investment min. £23.20 +

Learn more about secondary campaigns.

Idea

Introduction

OnBuy is the world's first Cashback marketplace, where you can shop for your favourite items from thousands of retailers, while earning instantly redeemable Cashback on everything you buy! Convenience, choice, competitive prices and rewards. Everything you love about online shopping - all in one place.

We're on a mission to change online retail for the better, providing a fair deal for sellers and a simple, enjoyable and rewarding experience for shoppers.

With over 6 million UK customers, 3263% growth between Jun '19-Jun 22, and £150m GMV run rate sales (based on sales from Jul-Dec 23)*, we think it's safe to say that people are open to change!

We believe that we're in the strongest position we've ever been in, and if you're wondering what would happen if we took OnBuy international, you won't have to wait long to find out!

Our expert team is preparing the first stage of our overseas roll out right now! We have 10 countries earmarked for 2024, backed by strategic investment from a NASDAQ-listed global techfirm to support the expansion.

We're also launching plenty of new innovation at home, including exclusive high percentage Cashback offers on a huge range of products and exciting rewards for our loyal OnBuyers. Why would you want to shop anywhere else?

There's never been a better time to OnBuy into it!

Substantial accomplishments to date

2018
- Hit £100k per month in GMV sales for the first time since launching in 2016

2020
- Raised £5m investment in our first seed round
- Hit £1m per month in GMV sales!*
- Established integrations with leading channel management systems including Shopify, Magento and Woo Commerce
- We took to your screens with our ITV ad, reaching millions of homes

2021
- Raised a further £20m in our Series A funding round
- Southwest and Wales Regional Winner in the Deloitte UK Tech Fast 50

2022
- We emerged from the Covid period 7x bigger in GMV (Jun '22 vs Jan '20)*
- We made our Financial Times, FT1000 debut in 331st place!
- Bagged our first Deloitte Fast 50 list feature with 11th place
- OnBuy HQ opened in Bournemouth's Silicon Beach!

2023
- Jumped 306 places to 25th in the FT1000, becoming Europe's fastest growing ecommerce business
- Became a Merchant of Record, putting us in control of our payments and closer to our customers
- Launched 'OnBuy Protection' (180-day buyer protection scheme) so our customers can shop with confidence
- Introduced more choice with Buy Now, Pay Later options, Clearpay and Klarna
- Launched our industry first cashback model offering instant cashback as standard on every item
- Held fast at 11th place in the Deloitte fast 50 for the second year running
- Achieved our first profitable quarter, ahead of financial targets!

2024 so far…
- Secured strategic investment from a NASDAQ listed global tech firm to support our international growth
- We're rated Excellent on Trustpilot with over 70,000 reviews
- We have over 6 million UK customers
- OnBuy migrated onto Google Cloud Platform, offering greater stability and setting us up to scale
- We made the FT1000 three years running, coming in 34th place with 3263% revenue growth

*Based on unaudited management accounts

Monetisation strategy

OnBuy is an online marketplace platform that connects sellers with consumers.

The business earns revenue principally from charging its sellers a percentage commission on each successful product sale. Commission rates vary by product category and range between 7% and 13.5%.

OnBuy also earns monthly revenue from seller subscription fees and optional advertising services.

It forecasts to grow its ‘take rate’ in the future through the introduction of additional advertising products, and through value-add international services for sellers.

The business had a profitable Q4 2023 (operating only in the UK). OnBuy aims to grow sales volumes on the site, whilst utilising its proprietary technology platform to keep operating costs low.

Secondary Sale

Several early investors in the Company are seeking to achieve some liquidity from their initial investment via this secondary offer. A Senior Team Member has also agreed to offer an allocation of their own shareholding, in order to ensure that up to £1,000,000 of shares are available.

The share price of £0.464 is at a 20% discount to the current share price of £0.58.

Investor Perks

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

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To comply with financial regulations, we can only show full campaign details to registered users.

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for OnBuy (Secondary) has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 23 April 2024 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £153,313,675

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a secondary campaign allows you to purchase shares in a company that is not currently fundraising. Unlike other Seedrs campaigns, you will be buying shares from existing shareholders rather than investing into the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

Find out more

Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

Warning

You are following a link outside of europe.republic.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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