Wallapop, the platform that facilitates the sale of second-hand items among people, announces a new extension of its €20 million Series G funding round thanks to AXIS, through Fond-ICO Next Tech. With this transaction, AXIS joins Korelya Capital, a late-stage European investment fund, and the other investors involved in Wallapop’s previous financing transaction, completed in February 2021, and the subsequent capital increase in early 2023 worth more than €80 million.
With the second extension of the round, Wallapop will continue to focus on its internationalization and capitalize on the second-hand market, responding to the shift in consumer habits in favor of conscious consumption options at affordable prices. The platform intends to continue to consolidate its position in the field of product reuse in southern Europe.
The company, which celebrated its tenth anniversary in 2023, closed the last financial year with a turnover of around €91 million, an increase of 26% compared to €71.6 million in the previous year. Since 2019, Wallapop has recorded a 355% increase in turnover and, after this new capital injection, has reached a valuation of 806 million euros.
Founded in 2013, Wallapop has seen the number of people using the platform increase more than 100 times in the last decade, from 170 thousand to more than 19 million users who, together, have given a second life to more than 640 million products and create about 100 million ads every year.
Focus on southern European markets
In recent years, the company has embarked on a process of expansion into the international markets of Italy and Portugal, which it entered in September 2021 and 2022, respectively. Both markets have shown promising results in implementing this new consumption model: today, the Wallapop app has been downloaded more than 7.5 million times in Italy, where its traffic is growing at an annual rate of 67%. In addition, in Portugal it has already exceeded one million downloads.
“Wallapop is focusing on growing its business in Spain, Portugal and Italy and breaking down barriers to entry into the reuse market, to enable more and more people to participate in a consumption model that is sustainable and generates economic opportunities for people,” Rob Cassedy, CEO of Wallapop, said in a statement. We have a strong value proposition to make reuse the first choice of purchase, and NAVER, Korelya, AXIS and the other investors share our vision.” (Photo by chrissie kremer on Unsplash)
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