London-based Depop was founded as a mobile fashion marketplace for the creative community. Founded in 2011, it has since grown a large following among Generation Z, drawn to the app for its social connectivity and vast inventory of original streetwear, independent brands, vintage designer, and one-of-a-kind creations.
Users can select their preferred style on Depop’s app, which then suggests shops and influencers to follow and buy from. Approximately 90% of Depop’s active users are under 26, and an estimated one-third of 16-24 year olds in the UK are registered on the platform. The average daily user opens the app several times per day, discovering content and connecting with other users as well as buying and selling. Each month, Depop community members like, follow and message one another 85 million times.
Depop has now secured a €55 million Series C round led by General Atlantic, with participation from existing investors. Depop intends to use the funds to accelerate its expansion in the US and internationally, grow its engineering and data science teams, and invest in new tools and functionality for the platform’s more than 13 million global users.
“The next generation of young people want an experience the fashion industry is struggling to provide,” said Depop CEO Maria Raga. “They want authenticity and to set their own trends. They’re influenced by real people. They want choice and individuality, the ability to buy on demand and sell on with ease. At the same time, they want to reduce waste. Depop is set up to meet these changing demands. We exist to empower the next generation to transform fashion.”
Depop has seen strong organic growth in recent years, particularly in the US, which the company projects will soon become its largest market. Since January 2018, Depop has almost doubled US sales, and opened physical stores in New York’s Chinatown and the Silverlake area of Los Angeles. Depop is now among the top 20 most popular shopping apps in the US by daily active users, and expects to grow its community of US users to 15 million over the next three years.
This weekend, June 8-9, members of Depop’s US community will convene in New York for Depop LIVE, a free and open to the public retail experience for buyers, sellers, stylists and creatives.
“Technology continues to transform the retail landscape around the world and we are incredibly excited to be investing in Depop as it looks to capture the huge opportunity ahead of it,” said Melis Kahya, General Atlantic Head of Consumer for EMEA. “In a short space of time the team has developed a truly differentiated platform and globally relevant offering for the next generation of fashion entrepreneurs and consumers. The organic growth generated in recent years is a testament to the impact they are having and we look forward to working with the team to further accelerate the business.”