Depop becomes a “unicorn”: sold for over $1,6 billion

Born in 2011 on our Campus, it was acquired by Etsy. It's now the second unicorn in Italian history and the highest for exit valuation.

Depop, the second-hand fashion app founded by Simon Beckerman in 2011 on our Campus, is now the second unicorn in Italian history and the highest for exit valuation.

Depop was acquired by Etsy, the American marketplace listed on Nasdaq, for $1.625 billion. Thanks to an earn-out clause in the agreement of our 2018 exit from Depop, this transaction generated a collection of an additional €6.5 million for us, with a total return of 15,5 times the initial investment (€ 792,000).

Depop has now entered the unicorn club at a valuation that is almost double what Facebook offered Instagram in 2012 (€ 1 billion). Through the platform, which has 30 million users from 150 countries, 1 billion articles were sold in 2020.

This result, unparalleled in Europe, enables us to become part of the most important accelerators in the world and allows us to exceed by 50% the results expected in our 2020-2024 strategic plan: over €7 million compared to the €5 million expected.

We will use these profits to further support our strategic plan and the edutech development of our Education business unit, whose programs cover from K-12 to university and masters' courses and focus on our DNA key traits: innovation, entrepreneurship, digital transformation, and new technologies.