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Fashion marketplace Depop secures $62m in latest funding round

Depop – the mobile fashion marketplace founded in the UK – has raised $62 million in its Series C funding round.

The new funds are expected to be used to drive expansion in the US, where the company which targets the younger generation already has five million users and stores on the east and west coasts of the country.

Depop has 13 million users globally and is targeting reaching 15 million users over the next three years.

Private equity house General Atlantic, which has also backed successful technology players such as Slack and Snap led this round of funding.

Existing investors HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, and TempoCap also participated in the round, as well as angel investor Sebastian Siemiatkowski, founder and CEO of buy-now-pay-later platform Klarna.

Maria Raga, CEO of Depop, 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.”

Depop taps into many of the emerging trends in fashion including social media-supported shopping, the promotion of independent brands and opportunities around reselling products.

“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,” Raga added.

Depop said that approximately 90% of its active user base is under 26, and an estimated one third of 16-24-year-olds in the UK are registered on the platform.

At the weekend, members of Depop’s US community convened in New York for Depop Live, a free and open-to-the-public retail experience for buyers, sellers, stylists and creatives.