British-based online shopping marketplace app Depop has announced plans to further expand into Europe in 2020. The company raised $62 million U.S. in a Series C round led by U.S. based investor General Atlantic in June.
It will use these funds to launch in more European countries and to expand in North America, which already accounts for about 30% of its revenue and users.
Depop is a shopping app that’s used by around a third of 15- to 24-year-olds in the U.K, which represents about 60% of its total revenue. Sales on the app increased by 85% in 2018.
Millennials are using the app to set up their own businesses selling second-hand items. It allows them to easily upload photos, market through social media and run their business with just a smartphone. Depop is a mobile marketplace with a focus on fashion.
“One of the things that excite me the most about Depop is the empowering of young people to build a business in an easy way,” CEO Maria Raga told PA Media. “We’re making it extra easy for them to get the ball rolling and it’s up to them to take it to the next level.”
Depop has grown its user base to more than 15 million since launching in 2012.