General Atlantic leads $62m round for Depop

Existing backers HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures and TempoCap also took part in the round, alongside angel investor and Klarna founder Sebastian Siemiatkowski.

The latest development comes five months after H-Farm Ventures sold its remaining stake in the company and 17 months after the VC's initial first partial sale of shares. The firm reaped a combined 6x return on its investment, with a total collection of €4.6m and a capital gain of €3.8m.

The fresh capital will enable the company to pursue international expansion, with a particular focus on the US market. It will also invest in recruitment to its London-based engineering team and product expansion.

According to a statement, the business has doubled its US sales since January 2018, in addition to opening two bricks-and-mortar stores in the country.

Previous funding
Balderton Capital, Holtbzrinck and H-Farm took part in a €2m seed round for Depop alongside other investors in 2012. Subsequently, Balderton and Holtbzrinck led an $8m series-A round in 2015.

Balderton, Holtzbrinck, Creandum, Red Circle Investments and Lumar then invested $8.25m in the company the following year.

Octopus Ventures led a $20m series-B funding round for Depop in January 2018, with TempoCap and previous backers Balderton, Holtzbrinck, H-Farm, Creandum and Lumar also taking part.

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.

Company
Founded in 2011, London-headquartered Depop develops a mobile app that is a marketplace for clothing and accessories. The business also has physical stores in London, New York and Los Angeles.

People
General Atlantic – Melis Kahya (head of consumer).
Depop – Maria Raga (CEO).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• General Atlantic
• Holtzbrinck Ventures
• Balderton Capital
• Octopus Ventures
• Creandum
• Venture