London-based social shopping app Depop has raised $1m of seed funding, led by Italy’s Red Circle Investments.
Depop’s platform allows anyone to buy and sell their goods.
They launched their first iOS app earlier this year and already have 1 million items listed.
Hugo Boss board member invests
Luca Marzotto, a board member of Hugo Boss Group, also invested an undisclosed amount.
Social selling platform
Depop allows users to take photos of their products, write a description, set a price and then advertise their products to their friends.
They are then able to make the item publicly available to the rest of the community.
The app integrates with Facebook and Twitter, which allows sellers to promote their items and get feedback from other users.
Previous investment
Simon Beckerman, founder and CEO of Depop [pictured right], commented on the news:
“To have the backing from such influential investors, whose experience lies predominantly in the fashion industry, provides huge validation for us.”
It’s not the first large investment Mr Beckerman has received for Depop.
After graduating from H-Farm, the Italian incubator, he received €1 million from Balderton Capital and Holtzbrinck Ventures.