Total amount raised
$105.6 Millions
Latest funding date
04/01/2021
Location
Depop has successfully raised significant funding over multiple rounds, culminating in its acquisition by Etsy for $1.6 billion. The platform offers a mobile application for buying, selling, and discovering unique fashion items.
Keep reading to explore the intricacies of Depop's fundraising journey and the investors backing this innovative platform.
What Is Depop?
Depop is an online marketplace that allows users to buy, sell, and discover unique fashion items. Founded on November 1, 2011, in London, UK, the platform emphasizes sustainable and circular fashion by encouraging the sale of pre-owned items.
The company was founded by Francois Callens and Simon Beckerman. Depop's mobile application offers various categories, including men's, women's, kids', and sportswear, featuring popular brands and trends.
Headquartered in London, with additional locations in Manchester, New York, Los Angeles, and Australia, Depop employs between 251-500 people.
How Much Funding Has Depop Raised?
- Seed Round
- Amount Raised: €2M
- Date: October 2012
- Lead Investors: H-FARM, HV Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and launch the mobile application.
- Series A
- Amount Raised: $8M
- Date: January 2015
- Lead Investors: Balderton Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance platform features.
- Series A
- Amount Raised: €11.7M
- Date: September 2016
- Lead Investors: Creandum
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and platform improvements.
- Series B
- Amount Raised: $20M
- Date: January 2018
- Lead Investors: Octopus Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand the team.
- Series C
- Amount Raised: $62M
- Date: June 2019
- Lead Investors: General Atlantic
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate US and international expansion, and invest in new tools and functionalities.
- Non-equity Assistance
- Amount Raised: Not publicly disclosed
- Date: April 2021
- Lead Investors: Future Fifty
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic initiatives and partnerships.
Total Amount Raised: $92M
Current Valuation: $1.6 billion
Key Investors
- General Atlantic
- Details: General Atlantic is a leading global growth equity firm that provides capital and strategic support for growth companies. Founded in 1980, it has a long history of investing in high-growth companies across various sectors.
- Investment Focus Areas: Technology, consumer, financial services, healthcare.
- Notable Investments: Airbnb, Alibaba, Uber.
- HV Holtzbrinck Ventures
- Details: HV Holtzbrinck Ventures is a venture capital firm that invests in internet and technology companies. It has been active since 2000 and is one of the leading early-stage investors in Europe.
- Investment Focus Areas: Internet, technology.
- Notable Investments: Zalando, Delivery Hero, FlixBus.
- Balderton Capital
- Details: Balderton Capital is a London-based venture capital firm focused on early-stage investments. Established in 2000, it has invested in numerous successful technology companies.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Revolut, Citymapper, The Hut Group.
- Creandum
- Details: Creandum is a European venture capital firm investing in innovative and fast-growing technology companies. Founded in 2003, it has a strong track record of supporting successful startups.
- Investment Focus Areas: Innovative technology, fast-growing companies.
- Notable Investments: Spotify, iZettle, Klarna.
- Octopus Ventures
- Details: Octopus Ventures is a venture capital firm that invests in early-stage companies with a focus on health, fintech, and deep tech. It is part of the Octopus Group, which was founded in 2000.
- Investment Focus Areas: Health, fintech, deep tech.
- Notable Investments: Zoopla, Secret Escapes, Depop.
What's Next for Depop?
Depop's future looks promising as it aims to accelerate its expansion in the US and internationally. With over 13 million registered users and 110,000 new items listed daily, the platform has significant growth potential. The company plans to invest in new tools and functionalities, enhancing user experience and attracting more users.
Future fundraising opportunities seem likely, given the successful Series C round and the involvement of high-profile investors. However, Depop may face challenges such as competition from other online fashion marketplaces and the need to scale operations while maintaining platform quality. Adapting to different market dynamics in various countries will also be crucial for sustained growth.
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