MMC backs e-trader

Early-stage UK VC MMC Ventures has made a £1.2m investment in e-trader group, an online platform for retailers and manufacturers seeking to sell bulk overstock and clearance to both trade and consumer markets.

The money has been used to acquire koodos.com, a fashion clearance business.

Ben Richardson, investment director for MMC, said: “MMC saw the opportunity to back a proven entrepreneur and help him develop a business with a new proposition in a large and fragmented market. The management team has impressed us with their progress and we are pleased to support them in their next phase of growth, including their acquisition of koodos.com.”