GP Bullhound has made a follow-on investment in wallapop, Spain’s leading classifieds marketplace app for unique and second-hand goods, as part of a Series G funding round of EUR157 million bringing the company’s valuation to EUR690 million.
The round is led by Korelya Capital and backed by NAVER, Korea’s leading Internet company, with existing shareholders including Accel, Insight Venture Partners, 14W and Northzone.
Wallapop’s geo-localised technology connects a community of 15 million users in Spain by offering an easy and convenient way to buy and sell items that are no longer used. The platform, which has found a second home for more than 180 million items, provides people with access to unique goods at great prices, while extending the life of fully functional products.
Since its inception, wallapop has been committed to continuous innovation in the online classifieds industry and second-hand market and aspires to use technology to contribute to sustainability. The company closed 2020 with over 50% revenue growth, proving the consolidation of its monetisation channels and its business model.
This latest round will enable wallapop to continue to expand its footprint in the Spanish market, and improve its user experience by making it even more convenient to buy and sell second-hand and unique products, while continuing to build its platform for small businesses and entrepreneurs.
Rob Cassedy, CEO of wallapop, says: “At a time in which society is experiencing the economic impact of COVID-19, we are committed to using technology and disruptive innovation to empower our buyers and sellers to participate in a new, more sustainable way of consuming. We are grateful for the continued trust of our existing investors and very excited to partner with Korelya and NAVER, one of the world’s most innovative tech companies, as we continue expanding wallapop’s footprint by bringing the best experience to our community.”
Joakim Dal, Partner at GP Bullhound, adds: “GP Bullhound is proud to continue supporting wallapop and to be joined by such a strong set of new investors. Having followed the company for several years, we strongly believe in its vision of using technology to build a more conscious, engaging and human way of consumption.”
GP Bullhound invested through Fund V, following other recent investments including Vivino, Elias, DuckDuckGo and MariaDB.
