A new Southampton based website aims to challenge online marketplace giants Amazon and eBay to save small and medium businesses a fortune.

Southampton University graduate Vincent Chung set up Lumgle to offer an advertising platform where small and medium sized companies can promote their products at low cost.

Vincent got the idea when he tried to set up a business after finishing his masters degree at the University of Surrey.

“When I graduated was the time the financial crisis started, so it was hard for me to find a job and hard for me to start a business,” he said.

“Then I thought that there should be some sort of online marketplace or advertising platform that could be easy on small businesses and help them stay competitive on the market.”

After he has made it nationally, Vincent plans to expand to Australia, the US and eventually China.

The premise of the website is similar to Amazon or eBay but is aimed towards businesses rather than individuals that want to get their product noticed more cheaply.

The Lumgle team believe that the money-saving potential of the website could also help organisations such as charities.

Ex-Southampton Solent University student and Lumgle sales director Jed Brown said the business plan was perfect for charities.

“There’s a lot of good items in charity shops and they are not at a store that everyone is going to visit. So if they put it on our site, everyone is going to see it. The product will be available to everyone.”

The name Lumgle comes from a Cantonese word that means “to think” and the “gle” on the end comes from Google, and amount of content the website could potentially have.

Lumgle hopes to launch its website at the end of this month and the group are currently looking for volunteers to test the site.