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Etsy agreed to buy Depop, a London-based secondhand fashion marketplace, for $1.63 billion in cash.

Why it matters: This is millennial-driven Etsy trying to get younger, as around 90% of Depop's users are under 26 years old.

ROI: Depop raised around $100 million in VC funding, most recently in 2019 at a $240 million post-money valuation. Backers include  General Atlantic, Balderton Capital, Creandum, Octopus Ventures and  TempoCap.

The bottom line: "Depop, founded in 2011, shares Etsy’s love of secondhand clothing. But while Etsy’s brand leans more towards the vintage and cosy, Depop’s is more fashionable," The Verge writes. 

Etsy to buy resale app Depop for $1.6 billion in cash

This is millennial-driven Etsy trying to get younger, as most of Depop's users are under 26 years old.

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Axios Pro: Deals

Etsy agreed to buy Depop, a London-based secondhand fashion marketplace, for $1.63 billion in cash.Why it matters: This is millennial-driven Etsy trying to get younger, as around 90% of Depop&#x27;s users are under 26 years old.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Etsy to buy resale app Depop for $1.6 billion in cash

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