MPB secures £49.8m investment fuelling circularity in the global creator economy
- Largest ever funding round for a Brighton-based company
- The tech-driven photo and video kit reseller platform expects nine figure revenue this year
- Series D funding will fuel further international expansion into US and European markets and accelerate new product development for content creators
London – 6 April 2021: MPB, the world’s largest reseller of photo and video kit, has raised £49.8 million in its latest funding round, led by Vitruvian Partners with participation from current investor Acton Capital, joining existing investors Mobeus Equity Partners, Beringea and FJ Labs.
Founded in Brighton in 2011, MPB is a standout driver of the creator economy grounded in a business model of circularity that delivers both economic and environmental sustainability. Recirculating 300,000 items of kit globally each year, MPB has transformed access to photo and video kit by offering a technology-based, customer-centric service that removes the risk and uncertainty attached to using many of its competitors.
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.”
The used kit market is in a period of significant expansion as more consumers purchase sustainably in the circular economy. With established locations in the UK, US and Germany, MPB is well-positioned to take advantage of this growing trend. The new wave of funding will allow the company to focus on new product developments and technology that broaden the ways in which people can access kit, and bolster existing operations to bring more kit to more people.
Tom Studd, Partner at Vitruvian Partners, the independent growth-focussed 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, which has previously invested in successful circular companies including Vestiaire Collective as well as household names Carwow, Just Eat, Farfetch, Skyscanner and Trustpilot, becomes MPB’s largest shareholder and is supported in this round by existing investor, Acton Capital. Mobeus Equity Partners, which first invested in MPB during its Series A funding and remains MPB’s second largest institutional shareholder, has partially exited. Beringea and FJ Labs remain involved.
Sebastian Wossagk, 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.”
Arma Partners acted as exclusive financial adviser to MPB in connection with this transaction, and Howard Palmer, Partner at Taylor Wessing, acted as legal counsel to MPB.
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Notes to editors
For further information, please contact:
+44 (0) 7760 992 000
+44 (0)7710 529 953
MPB transforms the way that people buy, sell and trade in photo and video kit. An online platform for used photography and videography equipment, MPB is a destination for everyone, whether you’ve just discovered your passion for visual storytelling or you’re already a pro.
Founded by Matt Barker in 2011, MPB has always been committed to making kit more accessible and affordable, and helping to visualise a more sustainable future. We recirculate more than 300,000 items of used kit every year, extending the life and creative potential of photo and video equipment for creators around the world.
Headquartered in the creative communities of Brighton, Brooklyn and Berlin, the MPB team includes trained camera experts and seasoned photographers and videographers who bring their passion to work every day to deliver outstanding service. Every piece of kit is inspected carefully by our product specialists and comes with a six-month warranty to give our customers peace of mind that buying used doesn’t mean sacrificing reliability.
MPB has raised multiple rounds of venture capital and private equity funding and is listed in The Sunday Times Tech Track 100. For further information visit www.mpb.com.
About Vitruvian Partners
Vitruvian Partners is an independent growth capital firm headquartered in London with offices across London, Stockholm, Munich, Luxembourg, San Francisco, and Shanghai. Vitruvian focuses on dynamic situations characterized by rapid growth and change across industries spanning information technology, financial services, life sciences & healthcare, media, and business and consumer services.
Vitruvian is currently investing from its fourth fund, the €4.0 billion Vitruvian Investment Partnership IV, which is among the largest pools of capital in Europe supporting innovative and higher growth companies. Vitruvian Funds have backed over 45 companies and have assets under management of approximately €10 billion. Notable investments to date include global market leaders and innovators in their field such as Just Eat, FarFetch, Darktrace, Trustpilot, Marqeta, TransferWise, and Skyscanner.
About Acton Capital Partners
Acton Capital is a leading growth venture capital investor based in Munich. Since 1999, the Acton team has been investing in technology-based startups in fields such as marketplaces, SaaS, fintech, consumer brands or services with a regional focus on Europe and North America. With over two decades of investment experience and a deep understanding of digital business models, the team has invested more than 600 million EUR across five fund generations in over 80 companies, including market leaders such as Abebooks, AlphaSights, Clio, Etsy, HomeToGo, Mambu, Momox, Mytheresa or Sofatutor. Read more in the Acton newsroom.