Wallapop Receives €81 Million Investment from Naver

Wallapop, a Spanish second-hand marketplace company, has raised €81 million in a round led by South Korea-based Naver and its European investment partner Korel Capital. Insight, Accel and 14W also participated in this round. The valuation of the Spanish company, which received investment in the follow-up round of Series G, reached 832 million dollars. Thus, the company will be able to become a unicorn in the future.

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Naver Expands Its Services Outside Korea

Naver, which includes companies such as Line, will operate outside Korea with its investment. Last year, Naver also acquired US-based second-hand clothing manufacturer Poshmark for 1.2 billion dollars. Wallapop started to serve in Spain in 2013, Italy in 2021 and Portugal in 2022. By the first half of 2022, it had reached 2.4 million downloads in Italy. With the new investment, it will invest in operations in Portugal, Spain and Italy.

Wallapop gives people the opportunity to sell self-made and used products. The company operates both a mobile app and a website. Here, people can sell items they don't need and earn money. They can also buy what they want to buy at a reasonable price. In fact, Wallapop was going to merge with LetGo in 2016 to get ahead of the US market. But the sudden sale of Wallapop's shares in LetGo for 189 million dollars in 2018 caused the plan not to materialize.