E-Trader Group, founded by serial entrepreneur Harvey Sinclair and ex net-a-porter finance director Murray Salmon, has secured second round funding from its existing backer MMC Ventures to support the growth of the business.

E-Trader has also appointed John Morris as chief operating officer.

Morris joins with a wealth of online experience having formerly been a director at lastminute.com and chief operating officer at viagogo.

E-Trader operates two online marketplaces. Stockshifters.com is the first trade marketplace for secondary goods, providing retailers and manufacturers with a dedicated online facility to sell overstock, end of line/clearance stock and returns to trade buyers. The second, Koodos.com, is a private sales club offering consumers high-end fashion at discounted prices.

Rory Stirling, investment manager at MMC Ventures, says: “The further funding will be used to capitalise on E-Trader’s first mover position in the UK business-to-business trade marketplace and allow it to continue scaling its technology and infrastructure to meet the needs of its customers and vendors.”

Sinclair adds: “Our success to date has put us in a commanding position. With the now strengthened management team and additional funding, we are in great shape to fully exploit the market opportunity and accelerate our growth strategy.”