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Tag: Fashion

How Depop is Leveraging Collaborations to Grow Their Community

29th June 2018

In a recent article in Forbes Magazine, Depop CEO Maria Raga talks about how they are leveraging collaborations to grow their community.

Sector: Retail

To the uninformed, Depop is an app for an online marketplace, like a niche eBay. It was founded in Milan during 2011 by Simon Beckerman, the co-founder of the culture magazine, PIG, and popular sunglasses brand RETROSUPERFUTURE. Started as a place for PIG readers to buy what they were seeing inside the magazine, Beckerman wanted to create a place they could sell their own items as well, thus the idea for a global marketplace put in the works. Their mission was to become a social network-esque marketplace where users could see what their friends and the people they were inspired by are liking, buying, and selling.

For their 10+ million users, they boast a consistently hand-curated explore page and are embarking on the brick and mortar retail world. While online retailers are seeing some of their advantages stripped away with this week’s Supreme Court ruling allowing states to collect taxes on consumers’ online purchases, Depop is moving forward with their plan for a space in New York following opening one in Los Angeles.

Depop has found growth, strengthened community, and continue to add to the brand through a series of collaborations. They’ve worked with major brands like Dickies as well as entrepreneurs like the New York vintage shop owner, Procell, and L.A.-based textile artist, Uzumaki Cepeda.

In the article, Raga also talks about what’s coming next for Depop. She highlights the community, collaborations and the future of Depop: What do collaborations offer the Depop community?

Raga: They inspire and educate our community. The collaborations are an opportunity to conceptualize the trends we see culture and community shaping. In recognizing their interests we can create exciting campaigns and experiences and allow for a dialogue to travel beyond the app. We strive to stay connected to our community and what is relevant to them but also excite them with something new and unexpected.

How do you select who to collaborate with?

Raga: There is not one single process but the ideal partner must share our ethos and values. Ultimately our partners mirror our community. They are creatives who aren’t afraid of pushing boundaries, open-minded entrepreneurs. They are pioneers in what they choose to do.

What's coming next for Depop?

Raga: We are building a global business. Depop may have started in Europe but we are now very focused in the US. It’s a market where we grew mostly organically and got a lot of traction - in 2017 we’ve experienced a 130% revenue growth in the US alone.

The plan is to continue growing the community and building a structure to support them along the way. This will be done through numerous initiatives like Depop spaces, student ambassadors but also new features which will improve discovery, helping creators, curators, buyers and sellers.

The US experience will provide us with a good structure to grow in other markets and explore new formats. That’s only just the beginning! There’s still a lot to come, and you’ll be hearing more of Depop.

Read the full article on Forbes here

Social Shopping Platform Depop Secures $20M for Global Expansion

23rd January 2018

Sector: Retail, Technology

depop_investment_tempocap
  • Over 8 million registered users and $230 million GMV in 2017
  • 130% revenue growth in the US and plans to open a brick and mortar shop in LA
  • A hundred strong team across four locations with recent leadership hires from Airbnb, BCG, GoCardless and onefinestay
depopstyle1 Depop, the social shopping platform for creative entrepreneurs, has completed a  $20 million Series B led by Octopus Ventures, making it one of the most well-funded European fashion startups of 2017. The funding also includes additional capital from TempoCap, who will be joining the current investors Balderton, HV Holtzbrinck Ventures, H-FARM, Creandum, Lumar as well as Italian entrepreneurs Luca Marzotto and Renzo Rosso from OTB/Diesel Group. Rebecca Hunt, Octopus Ventures early stage VC investor will be joining the board. “We are excited to be supporting Depop on their next phase of growth as they continue to roll out across the US. The company has built a large, engaged and loyal user base amongst predominantly creative young people. Depop provides users with a selling and social platform and a global pool of buyers to leverage their unique community and inventory, generate their own brands and build revenue channels. This taps into a key trend in retail for millennials, and we are looking forward to seeing further growth of the business over the coming years, powered by an exceptional team.” Founded in 2012, Depop has over 8 million registered users and has become home to millions young entrepreneurs teenagers with some making over $10,000 monthly. "By combining mobile shopping with social features, Depop is creating a stronger relationship between buyers and sellers. We are becoming a key part of the lifestyle of a generation which values community and sustainability, while possessing a strong entrepreneurial streak.” said Simon Beckerman, Founder of the company. As well as creating a thriving community built around social, Depop has doubled revenue growth globally as well as active users in the US market, compared to 2016. Depop CEO Maria Raga said, “The investment will support the global growth of the platform, particularly in the US, and scale the business. This will include the opening of bricks and mortar beta spaces, which will help us get even closer to our users and experiment with new formats. We are excited to work with Octopus Ventures. They have a strong portfolio and are experts in accelerating growth of lifestyle and marketplace companies”.   About Depop Depop was founded by co-founder of PIG magazine and RETROSUPERFUTURE sunglasses, Simon Beckerman. It was originally conceived as a social network where PIG’s readers could buy items featured in the magazine. Realising that Depop needed a selling function, Simon re-envisioned the app as a global marketplace to empower creative entrepreneurs — a mobile space where you can see what your friends and the people you’re inspired by are liking, buying, and selling. This ecosystem has supported Depop to become a global conduit of connection, not only in m-commerce, but culture, design, and creative communities around the world. After a successful soft launch in Italy in 2012, Depop moved to London in 2014, where it is currently headquartered, with offices in New York, Los Angeles and Milan. Today, it has over 100 employees, 8 million users worldwide and 2.6 million sessions a day.   About Octopus Octopus Ventures is a London and New York based venture capital firm, focused on identifying unique and ambitious entrepreneurs. To us, Entrepreneurs are the people who create defining moments. Few Entrepreneurs go back to their original investors for their next venture. Ours do. We find being bold and generous - with our time, our attention, our network and our knowledge - works for everyone. We never forget that while we are invested in multiple companies, entrepreneurs are invested in just one. We invest from £250,000 to £25 million in seed to series B funding and look to follow in subsequent rounds. We share our expertise and advice every step of the way to help our Entrepreneurs take their ideas from inception to international scale-up. Companies we’ve backed in recent years include Big Health, graze.com, Eve, Magic Pony, Secret Escapes, Sofar Sounds, Swiftkey, Swoon Editions, tails.com, Zoopla Property Group and Zynstra. Each one unleashed the progress we and our Entrepreneurs knew was there. www.octopusventures.com Octopus Ventures is part of the Octopus Group which also incorporates Octopus Energy, Octopus Healthcare, Octopus Investments, Octopus Labs and Octopus Property.   About TempoCap TempoCap is a London based technology venture capital fund, specialising in growth equity and secondary venture transactions. TempoCap provides primary capital to fund growth in businesses or secondary capital to acquire stakes from existing shareholders or buy fund vehicles from investors. TempoCap is an active investor with an operational focus and an entrepreneurial mindset. We are a London-based team of eight with deep experience in business building, venture and growth capital and secondary direct investments. Some of our notable investments include Boku (mobile payments network), Miura Systems (Payments hardware provider), Remade (Leader in refurbished smartphones), Ercom (Leading cyber security solution provider), Launchmetrics (virtualized SaaS platform for the fashion industry), Onfido (Leading identity and background check software solution provider), Teads (Video advertising provider - acquired by Altis) to name a few. www.tempocap.com