With 13 million users worldwide and revenues of $50M, Depop is one of our most successful portfolio companies. The new capital will be used to triple the US customer base.
Born in 2011 in our campus from the vision of Simon Beckerman, Depop is the most successful app among fashion and online shopping enthusiasts of second-hand accessories. It has four offices in London, Milan, New York and Los Angeles and 13 million users wordlwide, of which 90% are under the age of 26.
According to a report from ThredUp, the total resale market is expected to more than double in value and be worth $51 billion in the next five years, accounting for 10% of the retail market.
Led by New York-based venture capital firm General Atlantic, this new $62 million round will be used to expand in the US and triple the user base there. The funding will also be spent on building out their London-based engineering and data science teams and investing in new tools to improve the functionality of the platform.
Depop's growth has led it to reach a revenue growth of 100% year-on-year, and gross merchandise value of more than $500 million since launch. In January 2019, we sold all of our Depop’s share capital for over €2.5 million, with a total return of 6 times the initial investment.