Depop, the London-based fashion marketplace platform and app aimed at Gen Z and millennials, has secured $62 million in funding to power global organic growth, increase its engineering team and invest in product development.
The Series C round was led by US venture capital investor general Atlantic, with existing backers like Octopus Ventures and TempoCap also participating alongside angel investor Sebastian Siemiatkowski, founder and CEO of Swedish fintech company Klarna.
Maria Raga, CEO of Depop, said:
“The next generation of young people want an experience the fashion industry is struggling to provide. Depop is set up to meet these changing demands. We exist to empower the next generation to transform fashion.
“Social shopping, independent brands and resale are gaining popularity around the world, but particularly in the US where Generation Z will be the largest consumer group by 2020.”
Founded in 2011 by Simon Beckerman, Depop allows its 13 million global users to buy and sell clothing through the platform and app. The company expects its community to grow to over 15 million in the coming years.
With the latest investment, which follows a $20m round in January 2018, Depop plans to scale “further and faster in the US and beyond”.