UK-based social shopping platform Depop has raised $8.25 million in funding. Balderton Capital, Holtzbrinck Ventures, Creandum, Red Circle Investments and Lumar led the round.

PRESS RELEASE

London, 29 September 2016 –­ Depop, the leading social shopping platform, has successfully closed a $8.25 million funding round. Headquartered in Shoreditch, London, Depop allows anyone to set up their own shop, buy from and sell to other people, brands, celebrities and influencers, connect with friends, make new ones and discover unique items.

The investment, led by Balderton Capital, Holtzbrinck Ventures, Creandum, Red Circle Investments and Lumar, will allow Depop to focus on improving the platform while continuously expanding across the US and Europe. The funds will also be used to grow Depop’s already vast and engaged community, which currently has nearly 5 million users with over 230,000 downloads every month.

In addition to the funding, this year also marks the appointment of Maria Raga as the CEO of Depop. Maria, who joined in July 2014 as VP of Operations, will be focusing on scaling the company further. Having grown at an impressive rate since its inception in 2011, Depop aims to continue innovating to become a place like no other for connecting with friends, building an audience as well as discovering communities and items the users will love.

Maria Raga, CEO of Depop, comments: “I am thrilled to be leading Depop, it’s an exciting time for us as we are becoming a truly global platform. Moving forward, we will be working towards improving the product, as well as bringing new features and experiences that will make Depop even more fun and easy to use. At the heart of Depop is the community, and they are proud to be part of our story. They are sharing their listings and purchases on social media, uploading over 1.5 million items and selling more than 500,000 items monthly. We are becoming part of the youth culture and a place for people and brands to inspire and get inspired by each other.”

James Wise, Partner of Balderton Capital, adds: “This is another great milestone for Depop, who continue on their quest to become the world’s favourite way to buy and sell fashion and lifestyle products. We are delighted to continue to be part of their journey.”

About Depop
Depop, a free social platform launched on iOS in 2013 and Android in 2014, allows users to sell items by simply taking a photo of their product and uploading it to a profile page. They can then enter a description, including price, location and delivery details before making it publicly available. The integrated social features enable users to follow each other, post comments, plus share their activity to other social networks, such as Facebook and Twitter, allowing sellers to further promote what they have for sale. When a buyer wishes to make a purchase, they pay through Depop via PayPal or Depop Wallet, which ensure transactions are secure.

The company was founded in 2011 by Simon Beckerman, whose previous businesses included: PIG a monthly music, fashion and lifestyle magazine and the Italian brand Super Sunglasses. Depop was originally incubated by H-Farm outside Venice, Italy, raising €2million in seed funding from Balderton Capital, Holtzbrinck Ventures, Renzo Rosso, President of OTB, the holding group of Diesel, and Luca Marzotto, supervisory board member of Hugo Boss and others.

Links:
http://www.depop.com/
http://instagram.com/ @depop
http://twitter.com/ @depop

UK-based social shopping platform Depop has raised $8.25 million in funding. Balderton Capital, Holtzbrinck Ventures, Creandum, Red Circle Investments and Lumar led the round.

PRESS RELEASE

London, 29 September 2016 –­ Depop, the leading social shopping platform, has successfully closed a $8.25 million funding round. Headquartered in Shoreditch, London, Depop allows anyone to set up their own shop, buy from and sell to other people, brands, celebrities and influencers, connect with friends, make new ones and discover unique items.

The investment, led by Balderton Capital, Holtzbrinck Ventures, Creandum, Red Circle Investments and Lumar, will allow Depop to focus on improving the platform while continuously expanding across the US and Europe. The funds will also be used to grow Depop’s already vast and engaged community, which currently has nearly 5 million users with over 230,000 downloads every month.

In addition to the funding, this year also marks the appointment of Maria Raga as the CEO of Depop. Maria, who joined in July 2014 as VP of Operations, will be focusing on scaling the company further. Having grown at an impressive rate since its inception in 2011, Depop aims to continue innovating to become a place like no other for connecting with friends, building an audience as well as discovering communities and items the users will love.

Maria Raga, CEO of Depop, comments: “I am thrilled to be leading Depop, it’s an exciting time for us as we are becoming a truly global platform. Moving forward, we will be working towards improving the product, as well as bringing new features and experiences that will make Depop even more fun and easy to use. At the heart of Depop is the community, and they are proud to be part of our story. They are sharing their listings and purchases on social media, uploading over 1.5 million items and selling more than 500,000 items monthly. We are becoming part of the youth culture and a place for people and brands to inspire and get inspired by each other.”

James Wise, Partner of Balderton Capital, adds: “This is another great milestone for Depop, who continue on their quest to become the world’s favourite way to buy and sell fashion and lifestyle products. We are delighted to continue to be part of their journey.”

About Depop
Depop, a free social platform launched on iOS in 2013 and Android in 2014, allows users to sell items by simply taking a photo of their product and uploading it to a profile page. They can then enter a description, including price, location and delivery details before making it publicly available. The integrated social features enable users to follow each other, post comments, plus share their activity to other social networks, such as Facebook and Twitter, allowing sellers to further promote what they have for sale. When a buyer wishes to make a purchase, they pay through Depop via PayPal or Depop Wallet, which ensure transactions are secure.

The company was founded in 2011 by Simon Beckerman, whose previous businesses included: PIG a monthly music, fashion and lifestyle magazine and the Italian brand Super Sunglasses. Depop was originally incubated by H-Farm outside Venice, Italy, raising €2million in seed funding from Balderton Capital, Holtzbrinck Ventures, Renzo Rosso, President of OTB, the holding group of Diesel, and Luca Marzotto, supervisory board member of Hugo Boss and others.

Links:
http://www.depop.com/
http://instagram.com/ @depop
http://twitter.com/ @depop