Today, MPB, a used camera equipment marketplace startup, announced the business raised about $70 million.
About the Business
MPB is a Brighton, England-based startup company that runs an ecommerce marketplace for used camera equipment like cameras, lenses, flashguns, tripods, cleaning supplies, bags and accessories, and more.
Founded in 2011 by Matt Barker, the ecommerce business was founded on the idea of recirculating used equipment that is still in good condition. The goal was to ensure that people just starting out in photography or videography, or even professionals, could get their hands on high-quality equipment at an affordable price. Customers of the ecommerce site can find popular brands like Nikon, Canon, Sony, Fuji, GoPro, among others.
According to the startup company, the ecommerce platform recirculates over 300,000 pieces of used equipment every year. The products are inspected by a team of specialists and hold a six-month warranty. In addition, the business has locations in Brighton, England, Berlin, Germany, and Brooklyn, New York.
Crunchbase data indicates the startup company has raised around £67.9 million (roughly $94 million) over several financing rounds with investments from Mobeus Equity Partners, Beringea, Acton Capital, and FJ Labs.
$70 Million in New Funding for MPB
Today, MPB announced the startup company raised about $70 million in a Series D funding round led by new investor Vitruvian Partners and featured participation from previous investors. A valuation for the ecommerce business was not disclosed.
Matt Barker, founder and CEO of the startup company, said in a statement, “This funding round is a major milestone for MPB culminating a decade of strong performance and a vision to make great kit accessible and affordable. With the backing of Vitruvian Partners and those reinvesting in our business we can accelerate our US and European growth strategy at scale, profitably. Photography and videography are intrinsic to societies and cultures all over the world, and at MPB we have created a circular model that offers everyone the chance to be visual storytellers and content creators in a way that’s good for the planet.”
The ecommerce business stated that this is the largest funding round for a Brighton-based startup company. In addition, MPB expects revenues to reach nine figures this year.
Tom Studd, a partner at Vitruvian Partners, added in the press release, “MPB has developed a unique tech-enabled platform to meet a market need, transforming access to photography kit to become a global leader in its field, whilst building a product that genuinely has a positive impact on the world...Vitruvian looks to back exceptional teams with unique products in large markets, and we believe Matt and the team fit those criteria perfectly.”
With the new funding, MPB plans to focus on product and technology development, as well as further expanding into the United States (US) and Europe.
Marketplace startup companies and businesses around the world are expanding at a rapid pace. Startup Savant reported in February that Spain’s secondhand ecommerce app Wallapop raised $191 million and Otrium, an app that sells designer fashion pieces at discounted prices, raised $120 million in March.
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.