Mpb.com, a marketplace for second-hand cameras, has raised £5 million from Mobeus Equity Partners and Beringea.
Camera and filmmaking equipment generates billions of dollars of retail revenue every with the secondary market largely dominated by traditional retailers and the likes of eBay. According to Mpb.com, these existing marketplaces are dogged by inaccurate listings.
"Transparency of information and consistency of pricing are critical to providing the best possible marketplace experience for customers, and we’re excited to be able to bring this experience to an even bigger market as we continue to grow with this new funding,” commented CEO Matt Barker.
Mpb.com said it expects to make £22 million in turnover in 2018, up 60% from last year. It currently facilitates around 6,000 transactions a month. It employs 90 people between its Brighton headquarters and its New York office. The new funds will be used to continue growth in the US market as well as launching in Germany.
“We’ve seen that there’s considerable potential in specialist marketplaces for pre-owned high-value products. Buying expensive equipment via online auction sites or classified ad boards is fraught with risk,” said Eyal Malinger, investment director at Beringea, on its decision it back the company. It has previously invested in other second-hand online marketplaces like Watchfinder.
The company has also appointed a new CFO in Scott Ryan (formerly of Media Business Insight) and a new chairman in Simon Barrell.