UK-based Depop, which operates an online fashion marketplace for 'Generation Z', has raised $62 million in a Series C round led by General Atlantic, a US-based investor.
That ties into the startup's ambitions, which is to accelerate its growth across the Atlantic, where it boasts stores in NYC and Los Angeles. In fact, Depop says the US alone already accounts for 5 million of its 13 million users, which it aims to triple in the near future.
Aside from that, Depop says it will use part of the cash to also grow its London-based engineering and data science teams and invest in new features for the platform, which has about 16 million items for sale.
Depop is popular among youth; 90% of its active users are self-reportedly under 26, and they are highly engaged.
General Atlantic led the financing round but was joined by prior Depop backers HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures and TempoCap, as well as Klarna co-founder and CEO Sebastian Siemiatkowski.
Depop CEO Maria Raga commented:
"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."