H-Farm Ventures has sold its remaining stake in London-based marketplace app Depop, following a first partial sale of shares in January 2018.
The VC house sold its shares to US-based investor Tempocap, which backed Depop in 2018, and to a second unnamed shareholder, Unquote understands.
This second sale of shares generated a collection of €2.6m and a capital gain of €2.5m for H-Farm, while the entire exit reaped a 6x return on the initial investment, with a total collection of €4.6m and a capital gain of €3.8m.
Balderton Capital, Holtbzrinck Ventures and H-Farm took part in a €2m seed round for Depop alongside other investors in 2012. Subsequently, Balderton Capital and Holtbzrinck Ventures led an $8m series-A round in January 2015.
In September 2016, Balderton Capital, Holtzbrinck Ventures, Creandum, Red Circle Investments and Lumar invested $8.25m in the company.
Octopus Ventures led a $20m series-B funding round for Depop in January 2018. The investment also saw participation from TempoCap, along with previous backers Balderton, HV Holtzbrinck Ventures, H-Farm, 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.
Founded in Milan in 2011 by Italian entrepreneur Simon Beckerman, Depop is an app that allows users to buy and sell their secondhand clothing and accessories by sharing images taken on their smartphones.
In 2018 the company registered more than four million new users and 500 million searches, recording an average of one new item sold every second. Depop moved its headquarters from Milan to London in 2012 and opened additional offices in New York and Los Angeles.
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
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