BRIGHTON, England, July 6, 2016 /PRNewswire/ --
MPB, a UK-based marketplace for photographers and videographers to trade equipment, raised £2.1m in Series A funding to expand their platform to the US market, opening a Manhattan office in July.
This funding was led by Mobeus Equity Partners, a London-based Private Equity firm.
MPB, who were ranked in the 2015 Sunday Times Hiscox Tech Track 100, will use the funds for global expansion, beginning with launches into both the US and Germany.
Matt Barker, CEO, created Brighton-based mpb.com in 2008 on a graduate loan, giving photographers a better alternative to peer-to-peer transactions. They have since built unique, custom-designed technology that enables MPB to sit in the middle of all transactions, ensuring fully accurate pricing and removing all risks for all buyers and sellers.
Their innovative approach to trading camera equipment has lead them to become the largest online marketplace for photographers and videographers in the UK to buy, sell and exchange camera equipment.
MPB has a current revenue run rate of over £10m and is looking to grow its revenue to over £50m over the next two years on the back of this Series A funding.
"Online marketplaces continue to evolve and MPB has always been firmly positioned at the front of the pack. We believe that marketplaces should have accurate pricing that reflects supply and demand, and that all transactions should be supported from end to end to ensure the best possible customer experience," said Matt Barker.
"We are proud to be bringing Mobeus on board and we look forward to working closely together to grow MPB internationally."
MPB is Europe's leading marketplace for high-end used photo and video equipment. Differentiating itself from other marketplaces, MPB offers both buy and sell services through the same platform and deal directly with all users.
The sophisticated platform technology ensures that pricing is always optimal, creating an unrivalled sell-through rate and zero stock risk.
MPB is privately owned and was founded by economics graduate Matt Barker. They currently employ 40 people in their UK office and will be opening a New York office in July.
In the most recent financial year, the platform processed 25,000 products worth £8.4 million and is currently generating in excess of £2m of quotes every month for users in the UK.
A rapidly-growing tech business, MPB ranked in the 2014 Deloitte Technology Fast 500 and the 2015 Sunday Times Hiscox Tech Track 100 league tables.