Barcelona-based company Wallapop raises €157M and increases its valuation to €690M
Catalan company Wallapop, a classified listings platform, announced a Series G equity financing round of 157 million euros, bringing the company's valuation to 690 million euros, the highest to date.
The round was led by Korelya Capital, a late-stage investment fund based in Paris, with the backing of Naver, the leading Internet company in Korea. Other current Wallapop investors have also participated in this transaction, including Accel, Insight Venture Partners, 14W, GP Bullhound and Northzone.
Wallapop's geolocation technology connects a community of 15 million users in Spain, offering them an easy and convenient way to buy and sell objects that they no longer use. On the platform, which has allowed more than 180 million items to find a second home, users can find items at more affordable prices.
The company closed 2020 with revenue growth of over 50%, proof of the consolidation of its monetization channels and its business model. Despite having paused its operations during the confinement by COVID-19, the platform experienced a 50% increase in its activity through Wallapop Envíos once the restrictions were less severe.
This round of investment will allow Wallapop to continue expanding its presence in the Spanish market and offer a first-class experience to its community. The company's plan for 2021 is to improve its user experience, evolve in its e-commerce experience through Wallapop Envíos and continue designing products and services for small businesses and entrepreneurs on its platform.