Depop just raised $62 million in a Series C funding round in order to fuel its U.S. expansion.
The Depop app makes shopping for clothes a lot like browsing Instagram. Users set up profiles to browse and buy clothing, or they can sell their own stuff. As a result, Depop houses all sorts of fashion-related goods, ranging from vintage to original pieces.
Although Depop’s business is centered around its app, the company also has two physical locations in the U.S. — one in New York City and one in Los Angeles. The NYC space is located in Chinatown, and is used to host events and exhibitions. It also comes equipped with a photo studio that people can rent for photoshoots.
On June 8-9, Depop will be hosting Depop Live at 428 Broadway. The free two-day event will include live DJ sets, clothing customization sessions and talks from people in the Depop community and beyond.
To date, Depop has been highly successful among Generation Z shoppers. According to a statement, 90 percent of Depop’s active users are under 26, and one third of all 16-24 year olds in the U.K. are registered on the platform. Depop has over 13 million users worldwide.
Recently, the company has seen especially large growth stateside, with U.S. sales nearly doubling since January 2018. In fact, the U.S. is projected to soon become Depop’s largest market. The platform already has 5 million U.S. users, but the company is hoping to use its new funding to boost that number to 15 million.
“This 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.” Depop CEO Maria Raga said in a statement.
