A specialist online marketplace for used photographic and filmmaking equipment has raised £5m in Series B funding.
Brighton-based Mpb.com works like marketplace monopolists Amazon and eBay, except they exclusively buy, sell and trade used camera equipment.
The company, which launched in 2011, claims that it differs from these retailers because it uses proprietary technology to automate the creation of listings for users buying, selling, or trading equipment. The company claims that this helps to reduce inaccuracies and price discrepancies or quality concerns.
The latest backing came from Mobeus Equity Partners and Beringea, and will be used to expand operations in the US and Germany.
They set and update prices based on current supply and demand so they are, according to the company, competitive and fair. They use a database of more than 4,000 different product types to reduce variation in price and uncertainty about the authenticity, quality, or condition of products.
Matt Barker, CEO of mpb.com, said: “We’re helping photographers and filmmakers access a greater variety of equipment than ever before.”
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“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,” he added.
The news comes after Beringea invested in Watchfinder, an online marketplace for second-hand watches.
Eyal Malinger, investment Director at Beringea, said of the investment: “Buying expensive equipment via online auction sites or classified ad boards is fraught with risk. Whether it’s misrepresentation of a product’s condition, missing accessories, or simply poor-quality imagery, it’s hard to know whether you’re getting the right thing at the right price.
“mpb.com’s technology is making these concerns a thing of the past for professional photographers and hobbyists alike – a market that is much bigger than you might think.”
More than 6,000 transactions per month are made on mpb.com and, according to the company, they are on track to generate £22m in turnover this year at a year-on-year growth rate of more than 60%.
Mpb.com received Series A funding in June 2016, and has since grown a team of 28 to 90, with offices in Brighton and New York.