Referred to by some as ‘eBay for millennials’, ecommerce platform Depop has this week secured $20m (£14.3m) to expand into the US.
The investment comes from a broad coalition of funders, and includes follow-on funding from Balderton Capital and Octopus Ventures. Other backers are Creandum, H-Farm Ventures, Holtzbrinck Ventures, Lumar, and TempoCap, with participation from at least one business angel.
Depop’s valuation has grown steadily since its inception in 2012, and now stands at £40.9m – more than four times the average for ecommerce firms (£9.9m).
Following in the footsteps of FarFetch, a unicorn which now has offices in 11 cities across the globe, Depop is likely to set its sights beyond the US in the future.
For now, it’s using the cash to open offices in New York and Los Angeles, and is simultaneously looking to expand into events and pop-ups.