Social shopping platform Depop bags $8.25m funding round
Company will use funding to improve its platform and continue expanding across Europe and the US
Depop, the social shopping platform, has announced the completion of an $8.25m funding round led by Balderton Capital, Holtzbrinck Ventures, Creandum, Red Circle Investments and Lumar.
Founded in 2011 by Simon Beckerman, Depop allows anyone to set up their own shop by taking pictures of items they wish to sell and instantly uploading them to social media, with a description of its price, location and delivery details.
Today, the company has nearly five million users and claims to have more than 1.5 million items uploaded and 500,000 sold every month.
Following an $8m Series A in January 2015, this latest finance will help Depop to improve its platform, accelerate expansion across the US and Europe and bolster its user base.
Former CEO of Depop Runar Reistrup was interviewed on the site earlier this year about the app's growth and future ambitions. Reistrup has been replaced as CEO by Maria Raga – who joined the company as vice president in 2014 – and who led this most recent funding round.
Maria Raga, CEO of Depop, commented: “I am thrilled to be leading Depop, it’s an exciting time for us as we are becoming a truly global platform. Moving forward, we will be working towards improving the product, as well as bringing new features and experiences that will make Depop even more fun and easy to use.”
James Wise, partner of Balderton Capital, added: “This is another great milestone for Depop, who continue on their quest to become the world's favourite way to buy and sell fashion and lifestyle products. We are delighted to continue to be part of their journey.”