Social shopping startup Depop has announced an $8m Series A funding round led by Balderton Capital.
The London-based startup lets users sell products through their social channels by simply taking a picture through their app.
US expansion for Depop
With the investment, Depop plans to take its social shopping across the pond to the US, a massive potential market. It will be opening up a New York office which will be headed up by Erik Martin, former general manager of Reddit.
Founded in 2012, Depop had a strong 2014 which brought the total number of app downloads to over 1.8m. The app brings a community aspect to online shopping, which some millennials felt has been missing from the ecommerce experience.
“Depop has grown faster than we ever imagined, not just in Europe, but also in the US,” says Runar Reistrup, CEO of Depop.
“With this latest round of investment, we are now in a position to meet this growing demand. US users are already adding 100,000 items to Depop each month and as a result, opening an office in New York was something we really wanted to do.”
Depop says it gets 1m items added to the site for sale every month. The app is available on both iOS and Android.