Companies we’ve backed: Depop
Leading a new trend in fashion sales
Depop is an app-based social community where users can connect and sell clothing.
Selling clothes through an app
Depop is the social marketplace where people buy, sell and discover unique fashion. Users can open their own Depop shop and sell items via their phone by taking a photo or video. Think of it as a virtual, people-owned fashion show, where sellers and buyers can trade directly. Since its launch in 2011, Depop has grown and now has over 24 million users globally.
The company continues to grow quickly, with users expected to increase from five to fifteen million over the next three years – one reason why Octopus invested further as part of the company’s $62 million fundraise in 2019. As well as helping to accelerate its expansion, the funds will be used to grow Depop’s London-based engineering and data science teams and invest in new tools and functionality.
“The next generation of young people want an experience the fashion industry is struggling to provide,” says Maria Raga, Depop CEO. “We exist to empower the next generation to transform fashion. Social shopping, independent brands and re-sale are gaining popularity around the world. This latest investment will enable us to scale further and faster, building a platform that helps to find and grow the fashion stars and trends of the future.”
Investors can access the opportunity to invest in companies like Depop through some of our tax products such as Octopus Titan VCT or the Octopus Ventures EIS Service.
Remember, investing involves risk
Please remember that the value of an investment in VCT or EIS shares, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest.
In relation to tax products, tax treatment depends on individual circumstances and may change in the future. Tax reliefs depend on the VCT maintaining its qualifying status or the portfolio companies maintaining their EIS-qualifying status.
The shares of the smaller companies or VCT shares we invest in could fall or rise in value more than shares listed on the main market of the London Stock Exchange. They may also be harder to sell.
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