download 1 2 - This Social Shopping app just Received $62 million in funding and they plan to use it to expand it U.S presence
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This Social Shopping app just Received $62 million in funding and they plan to use it to expand it U.S presence

So online shopping app Depop just received $62 million in funding last Friday and says it plans on using that money to “triple” it U.S user base.

This Social Shopping app just Received $62 million in funding and they plan to use it to expand it U.S presence | buying and selling, Depop, investment, online marketplace, teens

According to the CEO Maria Rega, who said during an interview session that “The company has been entirely organic and the latest investment will enable us to scale further and faster in the U.S and beyond, building a platform that helps to find and grow the fashion stars and trends of the future.”

For those who don’t know, Depop is basically an online marketplace where you could buy and sell used stuffs and is focused mainly on teens.

Depop has been around since 2011 and has since managed to rack up 13 million users in over 100 countries. According to Rachel Swidenbank, vice president of marketplace at Depop, she said that 90% of it users are under 26.

The most products sold on the platform is vintage clothes and sneakers, the app has been used to sell things from houses, cars and anything you no longer use. And of course Depop always take a 10% cut for every transaction carried out on it platform.

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Emmanuel
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