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Tag: Maria Raga

Depop closes $62M funding round led by General Atlantic, passes 13M users

7th June 2019

We are very excited to announce Depop's latest funding round, led by General Atlantic, with participation from TempoCap.

Sector: Retail, Technology, Data, Media

Depop, the fashion marketplace for the next generation, has secured a $62 million Series C round led by General Atlantic. Depop intends to use the funds to accelerate its expansion in the U.S. and internationally, grow its London-based engineering and data science teams and invest in new tools and functionality for the platform’s more than 13 million users globally. Existing investors HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, and TempoCap also participated in the round, alongside angel investor Sebastian Siemiatkowski, Founder and CEO of Swedish fintech company Klarna. Depop was founded as a mobile marketplace for the creative community. It has since grown to amass a significant following among Generation Z, drawn to the app for its social connectivity and vast inventory  of original streetwear, independent brands, vintage designer, one-of-a-kind creations and more. (There are currently 16m items for sale on Depop, with 110,000 new items listed every day). Approximately 90% of Depop’s active users are under 26, and an estimated one third of 16 - 24 year olds in the UK are registered on the platform. The average daily user opens the app several times per day, discovering content and connecting with other users as well as buying and selling. Each month, Depop community members like, follow and message one another 85 million times. Depop has seen strong organic growth, particularly in the U.S., which the company projects will soon become its largest market. Since January 2018, Depop has grown its global user base to 13 million, almost doubled U.S. sales, and opened physical stores in New York’s Chinatown and the Silverlake area of Los Angeles. Depop is now among the top 20 most popular shopping apps in the U.S. by daily active users, and expects to grow its community of U.S. users to 15 million over the next 3 years. The vast majority of Depop’s new users in 2018 came to the app organically. This weekend, 8 - 9 June, members of Depop’s US community will convene in New York for Depop LIVE, a free and open to the public retail experience for buyers, sellers, stylists and creatives.
Depop CEO Maria Raga said: “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.” “Social shopping, independent brands and resale are gaining popularity around the world, but particularly in the US where Generation Z will be the largest consumer group by 2020. Over the past 18 months, our growth in the US has been almost entirely organic, driven by the community of creative young people on Depop.” “This latest investment will enable us to scale further and faster in the US and beyond, building a platform that helps to find and grow the fashion stars and trends of the future.” Melis Kahya, General Atlantic Head of Consumer for EMEA, said: “Technology continues to transform the retail landscape around the world and we are incredibly excited to be investing in Depop as it looks to capture the huge opportunity ahead of it. In a short space of time the team has developed a truly differentiated platform and globally relevant offering for the next generation of fashion entrepreneurs and consumers. The organic growth generated in recent years is a testament to the impact they are having and we look forward to working with the team to further accelerate the business.” About Depop
Depop is the fashion marketplace for young people to buy, sell and get inspired. With more than 13 million registered users in 147 countries, its mission is to empower the next generation to transform fashion. Depop is headquartered in London, UK, with locations in New York and LA. For more information about Depop, visit Depop.com or download the app on iOS or Android. Follow Depop on Instagram @Depop. About TempoCap TempoCap is a leading pan-European technology investor in fast-growing sizeable businesses. TempoCap offers primary capital for companies to accelerate growth as well as attractive and flexible liquidity solutions for sellers (entrepreneurs, venture capitalists, corporates…). In addition to single asset investments, TempoCap advised funds acquire secondary direct investments by purchasing entire portfolios of investments from various type of investors including venture capital funds, corporates, banks or prominent business angels. We are specialists in structuring transactions that are tailored to the specific objectives of a seller.

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), 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