Used camera and lens retailer MPB 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.
“The used kit market is in a period of significant expansion as more consumers purchase sustainably in the circular economy,” said MPB. “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.”
Founded in Brighton in 2011, MPB claims to be currently ‘recirculating’ 300,000 items of kit globally each year, increasing 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.
“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,” said Tom Studd, Partner at Vitruvian Partners.
Matt Barker (above), MPB’s CEO and founder, added: “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… we can accelerate our US and European growth strategy at scale, profitably.”
Watch out for a forthcoming interview with Matt Barker.