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Depop seals $20m funding for US expansion

London-based social shopping platform Depop has secured $20m (£14.3m) in its latest funding round, which it plans to use to expand its US operations.

Investment for the round was led by venture capital firm Octopus Ventures, with additional capital from technology investment firm TempoCap. 

The capital will finance a bricks-and-mortar shop in Los Angeles, among other spaces.

Depop CEO Maria Raga said: “The investment will support the global growth of the platform, particularly in the US, and scale the business. This will include the opening of bricks-and-mortar beta spaces, which will help us get even closer to our users and experiment with new format.”

The fashion platform launched in Italy in 2012 before moving to London in 2014, where it is currently headquartered. It also has offices in New York, Los Angeles and Milan.

It staffs more than 100 employees, recording eight million users globally and 2.6 million sessions per day.

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