Social shopping app Depop going global after $20m Series B funding round
The online platform that allows creative entrepreneurs to sell fashion items, has over eight million registered users, with some making over $10,000 a month
Depop, the social shopping platform that allows creative entrepreneurs to sell their fashion items, has raised $20m worth of Series B finance.
Led by Octopus Ventures, the funding round also included TempoCap, who will be joining the current investors Balderton, HV Holtzbrinck Ventures, H-FARM, Creandum, Lumar as well as Italian entrepreneurs Luca Marzotto and Renzo Rosso from OTB/Diesel Group.
With the deal cementing Depop’s place as one of the most well-funded European fashion start-ups of 2017, and allowing for global expansion, Rebecca Hunt, Octopus Ventures early stage VC investor, will also be joining Depop’s board.
Founded in 2012, Depop has over eight million registered users with some fashion sellers making over $10,000 monthly.
The start-up previously raised $8m worth of Series A funding back in January 2015, and $8.25m in September 2016.
Simon Beckerman, founder of Depop, said:
“By combining mobile shopping with social features, Depop is creating a stronger relationship between buyers and sellers. We are becoming a key part of the lifestyle of a generation which values community and sustainability, while possessing a strong entrepreneurial streak”
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Maria Raga, CEO of Depop, said:
“The investment will support the global growth of the platform, particularly in the US, and scale the business. This will include the opening of bricks and mortar beta spaces, which will help us get even closer to our users and experiment with new formats.
“We are excited to work with Octopus Ventures. They have a strong portfolio and are experts in accelerating growth of lifestyle and marketplace companies”.
Rebecca Hunt said:
“We are excited to be supporting Depop on their next phase of growth as they continue to roll out across the US. The company has built a large, engaged and loyal user base amongst predominantly creative young people.
“Depop provides users with a selling and social platform and a global pool of buyers to leverage their unique community and inventory, generate their own brands and build revenue channels.
“This taps into a key trend in retail for millennials, and we are looking forward to seeing further growth of the business over the coming years, powered by an exceptional team.”