Red Circle Investments, the private investment holding of Renzo Rosso’s family, along with Italian entrepreneur Luca Marzotto, have invested $1 million in Depop, the iPhone app created by Simon Beckerman, cofounder of independent PIG Magazine and eyewear company Super.
Launched in 2011, Depop enables people to easily sell and buy items from an iPhone. After registering and creating a profile, users can take a picture of the objects they want to sell. The images, which are also shared on Facebook and Twitter, are visible to all Depop’s users, which can directly purchase the selected items. Depop, which currently features more than 100,000 registered users and more than 1 million items for sale, receives a percentage of sales that are processed through PayPal.
“We already had an indirect participation in Depop through H-Farm [Stefano Rosso is on the board of directors of H-Farm, a venture capital group specialized in techno-savvy startups], but we wanted to increase our participation in this project which we strongly trust in,” said Stefano Rosso, co-chief executive officer of Diesel parent company OTB SpA. “We believe that Depop can become the first provider of sales via mobile — it’s extremely user-friendly and is perfect for those shopping addicts, like my brother Andrea and Simon himself, who constantly need to make room in their storage.”
“I’m enthusiastic about the fact that such important investors for both the start-up and the fashion businesses really proved to trust in Depop,” Beckerman said. “The idea comes from the simple verification that purchasing and selling could be easier and more fun. I didn’t want to create a marketplace with users with no face, but a real social e-market. Now, the challenge is to grow a product able to perfectly combine innovation and aesthetic research, elements which have marked the success of all my previous experiences. Following the great results in Italy, we are ready to actively participate to the international scene starting with the U.K. and the U.S.”
Alongside Red Circle Investments and Marzotto, Debop’s investors include H-Farm, as well as Balderton Capital and Holtzbrinck Ventures.