We sold part of our stake in Depop for a cash return of close to 5 times the initial investment.
The app that hosts the most creative fashion e-commerce community has grown up. Depop
, a well-renowned platform among shopping and fashion lovers, born in our campus 2011 from the creative and entrepreneurial force of Simon Beckerman and led today by CEO Maria Raga, has secured a $20 million funding increase. This deal adds new value and resources to Depop’s growth in strengthening its activities in the US market
, where it has significant expansion potential.
Depop, which allows people to sell clothes, accessories and design items in a few clicks, has seen a significant increase in active users – more than 8 million today – and in transactions – up by 130% in the United States since 2016, with a total value of more than $230 million.
Octopus Ventures led the primary investment round, with existing investors Balderton Capital, Creandum, HV Holtzbrinck, Red Circle Investments and Lumar all participating. TempoCap also invested in a secondary round, acquiring stakes from early Depop shareholders. Considering our significant ownership in the business, we decided to sell part of our stake in this transaction, equivalent to a cash return of approximately 5 times the initial investment.
This is a great success that places Depop among the most outstanding startups we launched. The app is used by some of the most famous influencers of the world, including Chiara Ferragni and top model Bianca Balti. It owes its success to the idea of allowing anyone to buy and sell directly from their smartphone and easily set up a small business.
Today, Depop has more than 8 million users, a community that includes the most interesting creatives and fashion, design, art and music influencers, and is growing by over 250,000 new users per month. It has a team of 100 full-time people based in London, Milan, New York and Los Angeles, which has become the second largest city in terms of registrations, after London. Since 2012, Depop has located its headquarters in Shoreditch, London’s technological district.