The round was led by venture capital firm Octopus Ventures, with participation from TempoCap and existing investors including Balderton, HV Holtzbrinck Ventures, H-Farm, Creandum and Lumar. Italian entrepreneurs Luca Marzotto and Renzo Rosso from OTB/Diesel Group also took part.
Depop is a social shopping platform that enables creative entrepreneurs to build commercial channels for their products, with eight million registered users worldwide. The company has over 100 employees and operates from offices in London, New York, Los Angeles and Milan.
Depop CEO Maria Raga said:
“The investment will support the global growth of the platform, particularly in the US, and scale the business. This will include the opening of bricks and mortar beta spaces, which will help us get even closer to our users and experiment with new formats. We are excited to work with Octopus Ventures. They have a strong portfolio and are experts in accelerating growth of lifestyle and marketplace companies.”
Octopus Ventures’ Rebecca Hunt, who will be joining the board, added:
“We are excited to be supporting Depop on their next phase of growth as they continue to roll out across the US. The company has built a large, engaged and loyal user base amongst predominantly creative young people. Depop provides users with a selling and social platform and a global pool of buyers to leverage their unique community and inventory, generate their own brands and build revenue channels. This taps into a key trend in retail for millennials, and we are looking forward to seeing further growth of the business over the coming years, powered by an exceptional team.”
Depop was established by Simon Beckerman, co-founder of PIG magazine and RETROSUPERFUTURE sunglasses, in 2012. It was originally conceived as a social network where PIG’s readers could buy items featured in the magazine, but later became a global marketplace.
Following a successful soft launch in Italy in 2012, Depop moved to London in 2014, where it is currently headquartered.