MPB, a European technology platform for trading high-end photography and filmmaking kit, has raised growth capital to further expand in Europe and the US.
Less than 18 months after closing its Series B, the company has announced a GBP9 million Series C funding round, led by growth VC firm Acton Capital and with participation from existing investors Mobeus and Beringea.
MPB is a scale-up transforming how photographers and videographers access and sell photography and filmmaking gear. The MPB platform offers the world’s largest curated and verified selection of second-hand equipment. Thanks to data-driven automatisation of the vetting process and a transparent pricing strategy reflecting supply and demand, MPB users can instantly sell their gear either for cash, or trade against other items in one single transaction. This unique end-to-end customer experience has enabled the MPB platform to build a fast-growing community of more than 135,000 active users.
Matt Barker, Founder and CEO of MPB, says: “There are over 20 million photographers and filmmakers who are our potential users, in Europe and the US alone. These photographers look for the perfect bit of kit, but face a highly fragmented market which lacks transparency and trust in sellers. MPB offers them an innovative platform to buy and sell second-hand gear in a single transaction. In the near future, further developments will see MPB blurring the lines between ownership and rental.”
Based on thousands of data points generated on the platform every day, MPB’s innovative technology ensures that all items of kit, across 4,500 different models, are correctly priced. With headquarters in Brighton and an operational site in East Sussex, the scale-up is already active in three core markets in the UK, USA and Germany. The fresh funding will allow MPB to extend existing infrastructure to support international growth as well as investing in engineering and further automation of processes on the platform.
Matt Barker, Founder and CEO of MPB, says: “With the new capital, we will open the first MPB operational centre in Brooklyn, US and are planning a German site to follow in 2020. We intend on becoming the leading global platform for photographers and filmmakers to trade professional equipment.”
The investment round was led by Sebastian Wossagk, Managing Partner at Acton Capital Partners, Jane Reoch, Investment Director at Mobeus and Eyal Malinger, Investment Director at Beringea.
Sebastian Wossagk, Managing Partner of Acton Capital, says: “Fuelled by online marketplaces, the re-commerce industry is on the rise. MPB’s customers can buy and sell second-hand photo gear in one single transaction. Thanks to data-driven pricing and customer centric end-to-end service, we believe MPB’s platform is able to unlock the potential of reselling even a high-end product on international level.”
Coupling correct pricing with detailed, accurate and nuanced descriptions ensures that any user looking for that next bit of kit can easily choose the right tool for the job, knowing that the item will be precisely as described and with the comfort that they have paid the correct price. Further, sellers are guaranteed a correct price for their kit when selling and can sell any number of items in one single transaction with guaranteed instant payment.
Matt Barker, Founder and CEO of MPB, says: “The market for professional photo gear has grown in each of the past two years thanks to significant technological developments such as mirrorless cameras. MPB is capitalising on this trend by enabling professionals and enthusiasts to access the latest kit in a far more affordable way.”
Eyal Malinger, Investment Director at Beringea, says: “MPB’s growth since Beringea first invested in 2017 has been significant, with immediate and substantial traction in new markets in the US and Germany. Our continued support of the business, along with the new investment from Acton, is testament to the potential of the business to become a lasting success on both sides of the Atlantic and it will kick off an important chapter of accelerating growth.”
Jane Reoch, Investment Director at Mobeus Equity Partners, says: “MPB has achieved remarkable growth of 280 per cent over three years. The re-commerce model continues to prove hugely successful with customers who enjoy both economic and environmental benefits of re-use. We are excited to back MPB’s high performing team in the next stage of growth and to welcome Acton to the Board.”
