Resale app Depop secures £48m in Series C funding to expand into US
Depop has secured a further $62 million (£48 million) in a Series C funding round, allowing it to expand into the US market.
The second-hand fashion marketplace app, which currently boasts over 13 million users and posted gross merchandise volumes of $230 million (£163.1 million) in 2017, said the latest funding round was led by US fund General Atlantic, with investment also coming from Balderton Capital and Octopus Ventures.
This is the latest in a string of funding rounds aimed at securing a foothold in the US market.
In January last year it raised $20 million (£14 million) in a Series B funding round with the goal of boosting “global growth of the platform, particularly in the US”.
Since launching in the US it has reportedly secured over five million new app users while more than doubling its revenues, though no specific figures were made public.
“Social shopping, independent brands and resale are gaining popularity around the world, but particularly in the US where Generation Z will be the largest consumer group by 2020,” Depop’s chief executive Maria Raga said.
“This latest investment will enable us to scale further and faster.”
General Atlantic principal Melis Kahya added: “We are incredibly excited to be investing in Depop as it looks to capture the huge opportunity ahead of it.”