Wallapop, the Spanish platform for buying and selling second-hand products, has closed a record financing round of €157 million, led by the French fund Korelya Capital and supported by South Korean tech company Naver, owner of Line. With this deal, Wallapop’s valuation reaches €690 million, consolidating it as one of the best-valued Spanish startups alongside Glovo, Cabify, and Idealista.
Rob Cassedy, Wallapop’s CEO, highlights that this capital injection will allow the company to continue promoting a sustainable consumption model, which the pandemic has strengthened, and to improve the platform to attract more users and increase purchase frequency.
Despite the impact of lockdowns, Wallapop ended 2020 with revenue growth exceeding 50%, supported by a massive spike in new users and listings. The platform has 15 million monthly users and 80 million listings, and Cassedy expects strong growth this year, driven by the rise of e-commerce in Spain and the growing preference for responsible and second-hand consumption.
The company will invest the new funds in enhancing user experience, simplifying shipments with “Wallapop Envíos,” and developing services for small businesses and entrepreneurs, complementing its primarily individual user base.
Although they do not currently plan an IPO or international expansion, Cassedy emphasizes that Wallapop continues to think big and is pleased with the confidence of its investors. The company monetizes its platform through commissions on shipments, services to highlight products, and advertising.
Consultancy reports and market analyses support optimism about the growth of the second-hand business, with very positive projections for the coming years.
