Company Description: Online marketplace for photographers to buy, sell and exchange equipment
Instructed by: MPB
Photography Equipment Marketplace Secures £2.1m Investment
A Brighton-based online marketplace for photographers to buy, sell and exchange equipment (MPB) is set to expand into the US and Germany after securing more than £2m investment. WK Corporate Finance was engaged by the directors of MPB to source funding for their expansion.
MPB was established by Matt Barker in 2008 with a £10,000 graduate loan and now employs 40 people with sales reaching £8.4m in the year ended 31 March 2016.
The business was ranked in the 2015 Sunday Times Hiscox Tech Track 100.
Mobeus Equity Partners has provided £2.1m of capital to support MPB's international expansion into the US and German markets. Mobeus was introduced to the deal by Andy Coghlan of WKCF, who has also joined the board.
Chief executive Matt Barker said: "Online marketplaces continue to evolve and MPB has always been firmly positioned at the front of the pack.
"WK Corporate Finance worked with us throughout our fundraising process. They provided huge value add to the process and Andy Coghlan has now stepped up to the board of MPB to continue to support us through our growth."
Andy Coghlan commented: "I am delighted that we were able to help MPB secure the funding from Mobeus. Matt has built an impressive business and the new capital will help him grow this into a global company. I am looking forward to being with them for the journey."
Greg Blin from Mobeus will become non-executive director of MPB following the deal. He added: "We are delighted to be involved with the UK's largest dedicated online dealer in used photographic equipment. MPB has built a reputation for fair dealing based on the quality of the service it provides. We look forward to working with Matt and the team to help the business achieve its international growth plans."