Depop raises £42m Series C investment led by General Atlantic to drive US growth
General Atlantic led the Series C round, which will fund US expansion and platform development.
Depop operates a mobile-first fashion marketplace designed for younger consumers to buy, sell, and discover unique clothing. The platform combines social connectivity with circular fashion, enabling independent brands and vintage sellers to reach a global audience.
Depop has secured £42m in a Series C financing round led by General Atlantic to accelerate its expansion in the United States. Existing backers including HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, and TempoCap also participated, alongside angel investor Sebastian Siemiatkowski.
The capital will support the marketplace as it builds out its London engineering and data science teams, while introducing new platform tools for its global user base of more than 13m. The company has experienced rapid organic growth in the US, which is projected to become its largest market.
Founded as a mobile marketplace for the creative community, the company now sees strong engagement among users under 26 who favour circular fashion and social shopping. The latest funding provides resources to scale operations further as demand for independent streetwear and vintage items continues to rise.
From the founder
"The next generation of young people want an experience the fashion industry is struggling to provide. 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."
Maria Raga
CEO at Depop
Investor perspective
"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. 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."
Melis Kahya
Head of Consumer for EMEA, General Atlantic
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Continue product development
Investors
Melis Kahya
General Atlantic
HV Holtzbrinck Ventures
Balderton Capital
Creandum
Octopus Ventures
TempoCap
Sebastian Siemiatkowski