Octopus Ventures leads $20m series-B round for Depop

Nicole Tovstiga
25 January 2018

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Octopus Ventures has led a $20m series-B funding round for London-based social shopping startup Depop.

The investment also saw participation from TempoCap, along with existing investors Balderton, HV Holtzbrinck Ventures, H-Farm Ventures, Creandum and Lumar.

In addition to the VC firms, Depop's group of backers was joined by Italian entrepreneur Luca Marzotto, as well as Renzo Rosso, president of Italian fashion group OTB, the parent company of fashion brands Diesel, Marni and Viktor&Rolf.

Rebecca Hunt, investment manager at Octopus, will join the board.

Depop plans to use the new funding to continue rolling out its fashion marketplace concept across the US, including the opening of a bricks-and-mortar store.

Previous funding
In November 2011, H-Farm provided seed funding to Depop. The transaction value amounted to €150,000.

Balderton and Holtbzrinck took part in a €2m seed round for Depop alongside other investors in 2012.

In January 2015, Balderton and Holtzbrinck led an $8m series-A round. Following completion of the deal, Depop intended to open a New York office and appoint former Reddit general manager Erik Martin to head its US operations.

Company
Founded in Milan in 2011, Depop is an app allowing users to buy and sell items by sharing images taken on their smartphones. The company, which initially became popular among fashion bloggers, moved its headquarters to London in 2012. It also operates offices in New York, Los Angeles and Milan. The firm employs a staff of 100 employees and claims to have 8 million users worldwide.

People
Octopus Ventures – Rebecca Hunt (investment manager).
Depop – Maria Raga (CEO); Simon Beckerman (founder).