PROVEN CLOSES PARTIAL EXIT FROM MPB AS PART OF £49.8M INVESTMENT
06 Apr 2021
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. As part of this funding, the ProVen VCTs have partially exited their stake in the business, retaining 70% of their holding.
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.”
Eyal Malinger, Investment Director at Beringea, the manager of the ProVen VCTs, commented: “Matt and his exceptional team have built MPB into a go-to destination for photographers and videographers. Beringea’s support for MPB throughout this journey is testament to the vast opportunity of enabling enthusiasts to affordably, reliably and sustainably access high-quality equipment – this investment will accelerate the next chapter of MPB’s remarkable growth.”
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-focused 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, the manager of the ProVen VCTs, and FJ Labs also 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.”