Social shopping app Depop secures $8m investment for US expansion
Depop founders previous businesses include Super Sunglasses and PIG magazine
Social shopping app Depop today announced it has closed an $8m Series A round of investment led by Balderton Capital and Holtzbrink Ventures.
Founded in 2011 by serial entrepreneur Simon Beckerman, the founder of Super Sunglasses and music and lifestyle magazine PIG, Depop allows users to take pictures of items they wish to sell and instantly upload them to social media.
The app found fame amongst fashion bloggers and subsequently saw rapid growth in Europe – it now claims to have a million products for sale added each month, with downloads reaching 1.8 million.
The funding comes as Depop open a new office in New York, and will be used to stimulate further organic growth in the US with former general manager of Reddit, Erik Martin, heading up the operation.
Depop CEO, Runar Reistrup, commented: “Depop has grown faster than we ever imagined, not just in Europe, but also in the US. With this latest round of investment, we are now in a position to meet this growing demand.
“US users are already adding 100,000 items to Depop each month and as a result, opening an office in New York was something we really wanted to do. We are also very excited for Erik to join us, his experience and expertise will help drive Depop’s continued growth.”
New US general manager, Erik Martin, said:
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“There’s something special about Depop. It’s more than just a fun buying and selling app; it’s a playful and evolving community. What happens when you help everyone create their own pop-up shop and connect with each other? I don’t know, but it’s going to be fun to find out.”