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Depop arrives for American teenagers.
The teenaged social shopping market announced Friday that it raised $ 62 million through a round of financing led by New York-based venture capital firm General Atlantic.
The company said it was considering using this money to expand in the United States, tripling its user base. Funding will also be used to strengthen its London-based engineering and data science teams and invest in new tools to enhance the platform's capabilities.
In a statement to the press, CEO Maria Rega said the company's growth in the United States "has been almost entirely organic" so far. "This latest investment will allow us to grow faster and faster in the US and beyond, creating a platform to find and grow the stars of fashion and future trends," he said. she said.
Read more: Teens earn thousands of dollars selling second hand clothes and accessories on this social shopping app. Here is how it works.
Depop is a social marketplace that offers users a simple way to buy and sell a wide range of items – from vintage clothing to limited edition sneakers or sunglbades to books and concert tickets – via its application. It has been described as a mix between eBay and Instagram and would count sites such as ThredUp and Poshmark as its competitors.
Since its launch in Milan in 2011, the group now has 13 million customers in 147 countries, including the United States, where it currently has five million users.
Throughout his rapid growth, he kept his eyes on his main client: Generation Z.
"This company is destined for the next generation," said Rachel Swidenbank, vice president of Marketplace at Depop, during a recent conversation with Business Insider.
About 90% of its users are under the age of 26 and use the platform to sell used clothing or start their own business from home.
It turns out that returning vintage clothing and sneakers can be an extremely lucrative business. According to Swidenbank, some Depop sellers can earn up to $ 300,000 a year on the app and have been able to buy homes and cars even before they reach the age of the company. 39; university. Depop takes a share and earns 10% on each transaction.
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