Mobeus develops another online business
Mobeus has provided £2.1m of growth capital to MPB, the UK’s largest online marketplace for photographers to buy, sell and exchange equipment. The capital will support the business’s international expansion into the US and German markets.
Brighton-based MPB was founded by Matt Barker in 2008. The custom-designed technology provides a more efficient and enjoyable way of selling and buying used camera equipment. The business which was launched with a £10,000 graduate loan, has delivered consistent revenue growth every year since inception, with sales reaching £8.4m in the year ending 31 March 2016. The business currently employs 40 people and was ranked in the 2015 Sunday Times Hiscox Tech Track 100.
Unlike more traditional marketplaces, which are effectively a directory with complicated and time-consuming selling and buying procedures, MPB provides a full service whereby items can be bought, sold, collected and handled. The quality of the service combined with the certainty of pricing has helped MPB earn a rating of 96.1% on Trustpilot based on more than 600 reviews. MPB attracted 2.7 million visitors to its site in its last financial year.
Greg Blin from Mobeus will become non-executive director of MPB following the deal. He says: “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.”
Blin worked on the deal with Mobeus partner Trevor Hope.
“Online marketplaces continue to evolve and MPB has always been firmly positioned at the front of the pack,” says Matt Barker, CEO of MPB. “We believe that marketplaces should have accurate pricing that reflects supply and demand, and that all transactions should be supported from end to end to ensure the best possible customer experience. We are proud to be bringing Mobeus on board and we look forward to working closely together to grow MPB internationally.”
Mobeus was introduced to the deal by Andy Coghlan of WK Corporate Finance, who has also joined the Board. Legal advice was provided by Marriott Harrison with financial due diligence carried out by HMT. Alan Thomas of 5X Thinking provided ecommerce due diligence.