Depop receives 62 million dollar investment
30 Sep 2019
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.