Fashion marketplace Depop raises $62m to expand London teams

Online fashion marketplace Depop has raised $62m in a Series C investment round led by global growth equity firm General Atlantic.

Existing investors HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, and TempoCap also participated in the round, alongside angel investor Sebastian Siemiatkowski, founder and CEO of Swedish fintech company Klarna.

Founded in 2011, Depop is a marketplace platform where users can buy and sell fashion items.

Depop intends to use the funds to accelerate its US and international expansion, as well as grow its London-based engineering and data science teams.

It also plans to invest in new tools and functionality for its platform, which has more than 13 million users worldwide.

Depop CEO Maria Raga commented: “Over the past 18 months, our growth in the US has been almost entirely organic, driven by the community of creative young people on Depop.”

“This latest investment will enable us to scale further and faster in the US and beyond, building a platform that helps to find and grow the fashion stars and trends of the future.”

Melis Kahya, General Atlantic head of consumer for EMEA, added: “Technology continues to transform the retail landscape around the world and we are incredibly excited to be investing in Depop as it looks to capture the huge opportunity ahead of it.

“In a short space of time the team has developed a truly differentiated platform and globally relevant offering for the next generation of fashion entrepreneurs and consumers.

“The organic growth generated in recent years is a testament to the impact they are having and we look forward to working with the team to further accelerate the business.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →