Etsy acquires London-based social shopping app Depop for £1.14B

TempoCap, a pan-European technology investor, has announced that its portfolio company Depop is to be acquired by Etsy. Inc for $1.6 billion (approx £1.14 billion). 

According to the VC, the transaction marks a watershed moment for the European scaleup ecosystem, as the largest venture-backed acquisition of a private technology company in the UK since 2019. 

Founded in 2011 by Simon Beckerman, Depop is a community-powered marketplace app, where users buy and sell unique fashion. At present, the platform is home to 21 million+ stylists, designers, artists, collectors, vintage sellers, and more. 

Around 90% of Depop’s active users are under the age of 26, claims the company. As a part of the acquisition, TempoCap expects an 11x cash-on-cash return in 3.5 years at closing. 

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