Participated · Equity · Jan 2018

Depop operates a mobile-first social commerce platform where users list, follow, message and resell fashion and collectible items to communities of followers. The app has 13 million users, about 90% of active users are under 26, and one-third of U.K. 16–24 year‑olds are registered. Depop reports 100% year‑on‑year revenue growth for the past few years and more than $500M in gross merchandise value since launch; its 10% take rate implies roughly $50M of revenue for the period. The company runs a light‑touch marketplace model with peer shipping and PayPal payments, plus a small selection of physical stores. Proceeds from the new round will fund technology development (recommendation and image‑detection algorithms) and U.S. expansion, where it currently has 5 million users and forecasts growth to 15 million in three years. Depop also says the round is an up round, though it is not disclosing valuation. Depop operates a fashion e-commerce app that enables users to buy and sell fashion items, design objects and accessories directly from their smartphones. The app has about 8m users and is used by influencers including Chiara Ferragni and Bianca Balti. The company employs roughly 100 people across London, Milan, New York City and Los Angeles. Depop plans to use new funding to consolidate growth and expand the app in the USA. Founded by Simon Beckerman in 2011 and led by CEO Maria Raga, the startup has attracted multiple venture backers. Depop is a mobile, social shopping app that lets users set up stores, follow sellers, and buy and sell items from their smartphones. The service was developed at H-FARM in 2011 from an idea by Simon Beckerman. It is based in London, UK and Roncade, Treviso, Italy and operates as a community-driven marketplace. Depop plans to use the new funds to further expand in the US market and grow its community. Operating metrics reported include 4.7 million users across Italy, the UK and Central America, with 230k new users joining monthly, 1.6 million new objects uploaded per month, 500k items sold per month (over €5m in monthly GMV), and a team of 70 staff. Depop is a social shopping app described as 'Pinterest meets eBay' that enables users to upload pictures of items to their profile pages, build personal feeds, and purchase items directly through the app. The company reached 1.8 million downloads in 2014. Depop manages transactions between buyers and sellers within the platform. Founded in Italy in 2011 by Simon Beckerman and incubated within H-Farm, the business is led by CEO Runar Reistrup. The company planned US expansion, including setting up a permanent New York office and hiring Erik Martin (former general manager of Reddit) to lead its US operation. The recent funding was intended to support that US expansion. Depop is a pocket “flea market” mobile app that lets users list items by snapping a photo, add descriptions and delivery details, and promote listings to social networks. Payments can be made via PayPal (Depop takes a small commission) or cash-on-collection. The company was founded in 2011, was incubated in Italy and soft-launched there, and is U.K.-based. Depop reports more than 100,000 users and one million items listed through its free app. The new funding will be used primarily for product development and expanding the team, with the aim of growing its buyer and seller community internationally. An Android version of the app is in development and due in the coming months.