Depop, a London, UK-based social shopping app where anyone can buy and sell desirable goods, closed a $1m seed funding.
The round was led by Red Circle Investments, the investment company run by the Rosso family, owners of Italian holding company Only The Brave, with participation from Luca Marzotto.
The company intends to use the funds to scale the business, with a particular focus on product development and growing the community.
Led by Simon Beckerman, founder and CEO, Depop, allows creative individuals, independent retailers and brands to sell goods through a mobile device within a like-minded community. Sellers can take a photo of the product and upload it to their profile page, enter a description, including price, location and delivery details before making it publicly available. Social features enable users to follow each other, post comments, plus share their activity to other social networks, such as Facebook and Twitter, allowing sellers to further promote what they have for sale. Buyers can pay through Depop via PayPal.
Launched on iOS devices in early 2013, the free app has already one million items listed.
Depop graduated from the startup incubator H-Farm, where the concept for Depop was realized. The company had also raised €1m in funding from Balderton Capital and Holtzbrinck Ventures.