Fable realized. After Yoox, Italy has the second unicorn in its history. Depop, the app to sell and buy clothes and fashion items founded in the H-Farm innovation center in 2011 by the Milanese Simon Beckerman, was acquired by the American marketplace Etsy for 1.625 billion dollars. Depop thus enters the Olympus of “unicorns” or companies with a valuation of over one billion. In detail, the Italian startup received a higher rating than the one that Facebook gave to Instagram in 2012, equal to about 1 billion euros.
That the platform for the sale of second-hand clothes, bags and shoes was promising was already revealed by last year’s numbers. In 2020, Depop reported gross merchandise sales (GMS) of $ 650 million while revenues stood at $ 70 million, up more than 100% year-over-year. The platform to date has 30 million users distributed in more than 150 countries and the realm of Generation Z and influencers of the caliber of Chiara Ferragni. In 2020, 1 billion items were sold through Depop.
The investment of H-Farm
Thanks to the earn-out clause – according to the innovative pole – H-Farm will collect around 6 million euros against an initial investment of 792 thousand euros, reaching a total of 11 million euros. A result that has no equal in Europe and makes us exceed the expectations of the 2020-2024 Business Plan by 50%: over 7 million compared to the 5 planned. Resources that will be spent on the development of the Education business unit.