Wallapop, the Barcelona-based second-hand buying and selling platform, has closed an €81 million financing round, led by Korean technology giant Naver, through its European investment fund, Koreyla Capital.
In this Series G round, in which other shareholders such as Accel, 14W, and Insight have also participated, Wallapop achieves a valuation of €771 million, the highest attributed to the business to date.
“In recent years, the expansion efforts of Wallapop have enabled more and more people to benefit from our core purpose – to facilitate a more conscious and humane form of consumption that creates economic opportunities for people – which in today’s socio-economic environment remains highly relevant,” the company’s CEO Rob Cassedy told Techcrunch.
According to reports, the firm closed the 2022 financial year with a turnover of more than €72 million, 40% more than in 2021, although it has not detailed its net result, which closed with a loss.
Wallapop was a boom at the height of the COVID-19 pandemic among consumers looking for more eco-friendly ways to buy and sell goods. With this fresh capital, the company will use the money to continue its expansion in Southern Europe, after landing in Italy in 2021 and in Portugal last September.