Wallapop was founded in 2013 by Agustin Gomez, Gerard Olive, and Miguel Vincente in Barcelona, Spain. The ecommerce startup company is a mobile app marketplace for users to buy and sell secondhand items. According to the startup company, the ecommerce app has more than 15 million users, and more than 180 million items have been sold using the platform created by the business.
After beginning in Spain in 2015, Wallapop expanded to France, the UK, Brazil, Mexico, and the US. The ecommerce business claims the app became one of the top downloads in the US within weeks. As a result of the early success, the company was named the Best European Startup of 2015.
All of this success early on placed Wallapop where it is today. The ecommerce business marketplace and app announced that it had completed a funding round of $191 million, giving the startup an $840 million valuation.
$191 Million in Startup Funding
Wallapop’s rapid global expansion has made the company look deeply at the country it began in. Over the last two years, the company has been focused on growing the business throughout Spain and improving the experience it currently offers its customers on the ecommerce app.
In the statement released by the ecommerce marketplace, Wallapop claims the app closed 2020 with a 50% revenue growth through the use of Wallapop Envios, a shipping service designed to make the shipping between buyers and sellers easier. Additionally, in 2020, the business states there was a 240% revenue increase from Wallapop Envios on Black Friday and 17 million app visitors in November alone.
Since 2020 was such a successful year for the startup, Wallapop was able to raise $191 million, amounting to an $840 million valuation. Korelya Capital, a French venture capital fund backed by Korea’s Naver, is the lead investor for this round.
Wallapop CEO, Rob Cassedy, said, “At a time when society is experiencing the economic impact of COVID-19, we are committed to putting technology and disruptive innovation at the service of a more sustainable way of consuming. We are delighted to be partnering with NAVER, one of the world’s most innovative technology companies, as we continue to expand [Wallapop’s] footprint and bring the best experience to our community.”
The funding from this round will go toward expanding the current infrastructure that supports the app so that more people can use the ecommerce marketplace.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.