Korelya leads €157m round for Wallapop at €690m valuation

Previous backers Accel, Insight Venture Partners, 14W, Northzone and GP Bullhound (via its fifth fund) also took part in the financing round.

Korelya is a French VC fund backed by Naver, a South Korean internet company. Korelya invests in European technology startups to finance their growth and support their expansion in Asia.

Wallapop intends to use the fresh financing to consolidate its market position across the Spanish market and improve its user experience, while continuing to build its platform for small businesses and entrepreneurs.

Previous funding
Caixa Capital Risc, Bonsai Venture Capital, Esade Ban, Antai, Grupo Godó and Grupo Zeta provided a €1.6m seed funding round for the company in November 2013.

Wallapop raised approximately $40m in November 2014 in a funding round led by Insight Venture Partners, which committed around $25m. Accel Partners and other private investors also participated.

The company is understood to have raised additional funding rounds of at least $100m.

Company
Founded in 2013 and based in Barcelona, Wallapop provides a digital marketplace for second-hand items, including clothing, cars, bikes, phones and computers.

In 2020, Wallapop launched a home collection service called Envios, in partnership with logistics company Seur.

Wallapop currently has 15 million users. The company closed 2020 with 50% revenue growth, according to a statement.

People
Korelya Capital – Fleur Pellerin (CEO).
GP Bullhound – Joakim Dal (partner).
Wallapop – Rob Cassedy (CEO).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Venture
• Spain
• Insight Venture Partners
• Northzone