Wallapop, round of 81 million for a total valuation of 771 million
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New 81 million euro round for Wallapop. The platform dedicated to the circular economy has announced the expansion of the series G financing round, led by Korelya Capital, a European late-stage venture fund, and supported by Naver, a leading Korean internet company, which in February 2021 had played a decisive role in the previous round. The operation, which was also attended by Accel, 14W and Insight, valued the company at €771 million.
Wallapop is investing in international expansion with the launch of the platform in Italy in 2021 and in Portugal last September. Nerl our country in the first half of 2022 was the most downloaded app among the e-commerce platforms of the same type with over 2.4 million downloads. Furthermore, from January to July the opening to sales and purchases in both directions between Italy and Spain generated a 600% increase in overall sales in Italy and towards Spain.
“In recent years, Wallapop’s expansion efforts have favored the development of a more sustainable and conscious consumption model, creating economic opportunities for people, a mission that in the current socio-economic context remains more relevant than ever” he explained Rob Cassedy, CEO of Wallapop, who continues: «We are focused on leading the reuse revolution in Southern Europe, prioritizing a healthy growth model that allows us to increase our impact as we scale and create a unique catalog with a high growth potential. All our investors, starting with Naver and Korelya, share our vision».
Wallapop closed the 2022 fiscal year with a turnover of approximately 72 million euros, an increase of 40% over the previous year’s results. In 2021, the turnover generated by Wallapop Envíos doubled compared to 2019, going from almost 17 million euros to over 32 million euros. Similarly, Wallapop’s subscription services for professional sellers, currently active only in Spain, generated €10 million, up from €6.7 million in 2020. Both revenue channels continued to post solid growth in 2022.
JP Morgan Securities plc was the sole placing agent for Wallapop’s Series G initial fundraising.
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