It seems online resale platforms are on the rise and the recommerce industry is set to double in a couple of years. As the attention for pre-owned grows, more and more e-commerce platforms are offering such goods along with brand new products.
What is Recommerce?
According to the Internet definition, ‘Recommerce is referred to as Reverse commerce or Re-eCommerce. It is defined as the process of selling previously owned, new or used products, through physical or online distribution channels to companies or consumer willing to repair, if necessary, and reuse, recycle or resell them afterwards’. In simple terms, it is the platform for selling re-used products in good condition.
Secures £9M
MPB, Europe’s leading recommerce platform for trading high-end photography and filmmaking kits, raises growth capital to further expand in Europe and the US. Less than 18 months after closing it’s Series B, MPB has today announced a £9m Series C funding round. The funding was led by growth VC firm Acton Capital and with participation from existing investors Mobeus and Beringea.
Trades high-end photography and filmmaking kits
The MPB platform offers the world’s largest curated and verified selection of second-hand equipment. With data-driven automatisation of the vetting process and a transparent pricing strategy reflecting supply and demand, MPB users can instantly sell their gear either for cash, or trade against other items in one single transaction.
Matt Barker, Founder and CEO of MPB, commented:
There are over 20 million photographers and filmmakers who are our potential users, in Europe and the US alone. These photographers look for the perfect bit of kit but face a highly fragmented market which lacks transparency and trust in sellers. MPB offers them an innovative platform to buy and sell second-hand gear in a single transaction. In the near future, further developments will see MPB blurring the lines between ownership and rental.
Based on thousands of data points generated, the platform ensures that all items of kit, across 4,500 different models, are correctly priced. With headquarters in Brighton and an operational site in East Sussex, the scale-up is already active in three core markets in the UK, USA and Germany.
The fresh funding will allow MPB to extend existing infrastructure to support international growth as well as investing in engineering and further automation of processes on the platform.
Matt Barker, Founder and CEO of MPB, commented:
With the new capital, we will open the first MPB operational centre in Brooklyn, US and are planning a German site to follow in 2020. We intend on becoming the leading global platform for photographers and filmmakers to trade professional equipment.
Sebastian Wossagk, Managing Partner of Acton Capital, commented:
Fueled by online marketplaces, the re-commerce industry is on the rise. MPB’s customers can buy and sell second-hand photo gear in one single transaction. Thanks to data-driven pricing and customer-centric end-to-end service, we believe MPB’s platform is able to unlock the potential of reselling even a high-end product on an international level.
Further, sellers are guaranteed a correct price for their kit when selling and can sell any number of items in one single transaction with guaranteed instant payment.
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