LONDON (July 24, 3:40 p.m. EDT) — MachinePoint.com, the year-old electronic marketplace for used plastics machinery, has attracted a 15 million euro ($14.2 million) investment from equity firm Warburg, Pincus Ventures.
The new partner will get two seats on MachinePoint´s five-member board of directors. The e-commerce company is registered in Britain but based in Valladolid, Spain. The Web site, which sells plastics machinery worldwide, launched in June 1999.
"The investment from Warburg, Pincus will enable further technical development of the MachinePoint site, as well as the expansion of our operational presence beyond Europe" to Asia and the United States, said Spanish engineer César Rodríguez, the company´s founder and managing director.
Warburg, Pincus Ventures is the private equity division of New York-based Warburg, Pincus & Co. Martin Huth, a vice president of Warburg, Pincus & Co. in London, said his firm was attracted to MachinePoint.com because of its "team with significant experience in the plastics industry," and because it is working with existing used plastics machinery dealerships.
Huth, in a July 19 telephone interview, said Warburg Pincus is a long-term shareholder, and thinks MachinePoint´s approach is "applicable to machinery of other industries."