Depop, a UK-based social e-commerce platform backed by consultancy group Lumar, has completed a $62m series C round led by investment firm General Atlantic, TechCunch reported on Thursday.
HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, TempoCap and private investor Sebastian Siemiatkowski also contributed to the round.
Founded in 2011, Depop operates an online marketplace that allows more than 13 million users to sell items to groups of followers. Apart from listing items, users can also create a personal feed of profiles with products they want to buy.
In addition to further developing its technology, such as image detection algorithms, Depop will use the capital to expand in the US.
Octopus Ventures led a $20m funding round for Depop in January 2018, investing alongside Lumar, HV Holtzbrinck Ventures, H-Farm, Creandum and Balderton.
Lumar, Balderton, Holtzbrinck Ventures, Creandum and Red Circle Investments had previously backed a $8.2m round in 2016.
In 2015, Balderton and Holtzbrinck Ventures backed an $8m series A round, both having previously joined H-Farm to contribute $1.1m in seed funding over the course of 2011 and 2012. Depop had raised $1m in 2013 from Red Circle Investments and angel investor Luca Marzotto.