A UK photography dealer set up eight years ago using a £10,000 graduate loan has landed a £2m investment, allowing it to open an office in New York and expand into Germany.
mpb.com, an online photo and video dealer based in Brighton, East Sussex, was set up by economics graduate Matt Barker in 2008.
The company – which allows customers to buy, sell and exchange equipment – now employs 40 people and achieved sales of more than £8m in the last financial year.
MPB has won a £2.1 investment from London-based private equity firm Mobeus Equity Partners, allowing the business to open an office in Manhattan, New York and expand into Germany.
Barker, who is chief executive, said: ‘Online marketplaces continue to evolve and MPB has always been firmly positioned at the front of the pack.
‘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.’
MPB CEO Matt Barker © W O O K I E Photography
MPB hopes to increase its revenue to more than £50m over the next two years on the back of the investment.
It plans to open the New York office next month, where customers will be able to collect and sell cameras.
The office will also serve as a base for staff operating a dedicated website. Currently, US customers can only sell their camera equipment through MPB.
The German side of the business will be run from Brighton, with a new website planned for launch at the end of October.
Greg Blin from Mobeus, who will become non-executive director of MPB following the deal, said: ‘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.’
MPB’s New York office will be based at 45 East 20th Street, Manhattan.