UK-based social shopping app developer Depop has raised $8m in a series A round featuring Holtzbrinck Ventures, the venture firm affiliated with publisher Georg von Holtzbrinck, The Telegraph reported on Thursday.
The round also featured venture capital firm Balderton Capital.
Founded in Italy in 2011 and launched in the UK two years later, Depop’s app allows users to upload pictures of items they want to sell to a profile page, and build a personal feed of profiles featuring products they want to buy.
Items can them be purchased directly through the app with the transactions managed by Depop. The Depop app has been downloaded around 1.8 million times.
Depop will use the funding to open an office in New York, its first permanent office in the US, and has hired Erik Martin, formerly the general manager of social network Reddit, to run its business there.
The company previously raised about €1m ($1.1m) in seed funding from Holtzbrinck, Balderton and incubator H-Farm over the course of 2011 and 2012, before securing $1m in 2013 from Red Circle Investments and angel investor Luca Marzotto.