Depop raises $62M Series C to meet rising demand from US Gen Z

Depop, the fashion marketplace for Generation Z, has raised $62 million in a Series C round led by General Atlantic, with participation from Balderton and other existing investors.

Balderton first invested in Depop back in 2015, when we led their Series A. We are delighted to be supporting their mission to empower the next generation to transform the fashion industry

Depop taps into generational shifts towards circular fashion, social shopping and independent brands. There are now over 13 million registered Depop users globally, approximately 90% of which are under 26, with an estimated third of UK 16-24 year olds on the platform.

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.

Maria Raga, Depop CEO

Depop CEO Maria Raga and Balderton's Managing Partner, Bernard Liautaud at Balderton's CEO Collective 2018

Depop has seen strong organic growth, particularly in the U.S., which the company projects will soon become its largest market. 

Depop's US sales grew by 300% between Q1 2017 and Q1 2019. It is now one of the top 20 most popular shopping apps in the U.S. by daily active users.

This new round of funding will help the firm to accelerate its expansion in the U.S. and internationally, as well as to grow its London-based engineering and data science teams. If you want to join their team - you can see all their vacancies here

Thanks to Depop, a new generation of creators can now recycle, reuse and repurpose fashion in a way that is both personal and sustainable. It's an exciting example of what we believe will be the core values in fashion in the decade to come.

James Wise, Partner, Balderton Capital

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