Wallapop, the Spanish virtual marketplace that resembles a mix of Etsy and eBay, just raised €157 million in a round led by Korelya Capital and backed by former investors in the company.
This brings the valuation of the app that lets users resell their used items alongside homemade goods to €690 million.
Wallapop plans to use the funding to expand its services and products.
It currently has some 15 million users and ranks fourth among the Spanish shopping app charts.
The company has been busy extending its shipping options throughout much of last year. In 2016, it merged with rival LetGo to enter the US market.
But since then it has been selling its share in LetGo for $189 million and refocused largely on its Spanish operations.
Wallapop says it wants to continue to focus on selling unique goods and creating a platform that fosters an understanding of sustainability.
“Our economies are switching towards a more sustainable development model; after investing in Vestiaire Collective last year, wallapop is Korelya’s second investment in the circular economy, while COVID-19 is only strengthening that trend. It is Korelya’s mission to back tomorrow’s European tech champions and we believe that Naver has a proven tech and product edge that will help the company reinforce its leading position in Europe,” said Fleur Pellerin, CEO of Korelya Capital.