- Kristopher Fraser
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Secondhand marketplace Depop has received a 62 million dollar investment
that they will be using to expand in Europe and Asia. THe U.K. based
shopping app, which has seen significant growth in the United States, is
focusing on expanding to more countries in Europe, as well as expanding in
Japan and South Korea in the near future.
Depop’s 62 million dollar injection of capital comes from a Series C round
led by General Atlantic. Although the majority of the funds will be used to
continue U.S. expansion, capital will be allocated to seek growth in these
key international markets.
Depop’s best demographic right now is mostly Gen-Z in the age range of 15
to 24. Last year the company saw an 85 percent increase in sales and they
are on track. The company has plans to open brick-and-mortar stores in New
York’s Chinatown and in Silver Lake, Los Angeles.
