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Social shopping app, Depop, has secured $20m (£14.1m) in Series B funding in order to help accelerate its global expansion.
The app, founded in 2012, currently has over 8 million users and posted $230m (£163.1m) gross merchandise volume in 2017.
Depop said the funds will be used for “global growth of the platform, particularly in the US”, with plans for a bricks-and-mortar store to open in Los Angeles.
The funding was led by London based venture capital firm Octopus Ventures, with further capital from TempoCap.
The two companies will join existing investors including Balderton, HV Holtzbrinck Ventures and Lumar.
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.”
Rebecca Hunt, an Octopus Ventures early stage VC investor who will be joining the board at Depop, added: “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] 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.”
