Depop secures £5m investment, heads to the US

Social shopping app Depop, headquartered in the UK, has managed to secure an investment of $8 million (£5m) to expand into the US.

The investors are Balderton Capital (formerly Benchmark Capital Europe) and Holtzbrinck Ventures.

As The Telegraph writes, Depop is an app best described as "Pinterest meets eBay", where people post images of things they'd like to buy, as well as those they wish to sell.

It was founded in Italy in 2011 and has grown fairly quickly throughout Europe.

Depop already has a 'satellite' office in the US, but the company said it will use the new funding to set up a permanent New York office.

"Depop has grown faster than we ever imagined, not just in Europe, but also in the US. With this latest round of investment, we are now in a position to meet this growing demand," said Runar Reistrup, Depop CEO.

"US users are already adding 100,000 items to Depop each month and as a result, opening an office in New York was something we really wanted to do."

Former general manager of Reddit, Erik Martin, will lead the business in the USA.

"There's something special about Depop. It's more than just a fun buying and selling app; it's a playful and evolving community," he said.

"What happens when you help everyone create their own pop-up shop and connect with each other? I don't know, but it's going to be fun to find out."

The Depop app is free to download for both Android and iOS devices.