Recently, MPB has raised £49.8 million funding in the Series D round, led by Vitruvian Partners with participation from current investor Acton Capital.
Existing investors, including Mobeus Equity Partners, Beringea, and FJ Labs, also participated.
How will the funding be used?
The proceedings will allow the company to focus on new product developments and technology that broaden how people can access kits, and bolster existing operations to bring more people.
Matt Barker, Founder, and CEO, MPB said: “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.”
Making kits accessible
Founded in 2011 by Matt Barker, MPB transforms how people buy, sell, and trade photo and video kits. The company aims to make the kit more accessible and affordable and visualise a more sustainable future.
Headquartered in Brighton, Brooklyn, and Berlin’s creative communities, the MPB team, includes trained camera experts and seasoned photographers and videographers.
Recirculates 300,000 items per year
As per the company’s claims, the online platform recirculates 300,000 items of kit globally each year with a six-month warranty. The UK company business model delivers both economic and environmental sustainability.
The used kit market is in a period of significant expansion as more consumers purchase sustainably in the circular economy, claims the company. Right now, it operates in the UK, US, and Germany.
Tom Studd, Partner at Vitruvian Partners, the independent growth-focused private equity firm, said: “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. Matt and the team have achieved strong and profitable growth through recent launches in the US and Germany, and we’re delighted to partner with them for the next step of the journey. Vitruvian looks to back exceptional teams with unique products in large markets, and we believe Matt and the team fit those criteria perfectly.”
Vitruvian Partners becomes largest shareholder
Vitruvian Partners, which has previously invested in successful circular companies, becomes MPB’s largest shareholder and is supported in this round by existing investor, Acton Capital.
Sebastian Wossagk, the Managing Partner at Acton Capital, said: “It’s always a privilege to watch companies like MPB grow and excel in their field. Matt and his team have already taken the first steps into internationalisation by opening locations in Brooklyn and Berlin, and we’re excited to support them as they pursue further expansion in both the US and Europe.”