Spain-based company Wallapop raises EUR 157 mln for its classifieds marketplace

According to TechCrunch, the company has confirmed that the funding is coming at a valuation of EUR 690 million, and is being led by Korelya Capital, with Accel, Insight Partners, 14W, GP Bullhound, and Northzone also participating. Moreover, the startup has also been building out shipping services, called Envios, to enable users to get the items they are selling to buyers, which has expanded the range from local sales to those that can be made across the country. 

Overall, Wallapop’s growth in 2020 is the result of some specific trends in the market that were in part fueled by the COVID-19 pandemic, and all of them have helped build up a profile for the company as a kind of upscale, virtual car boot sale or flea market, TechCrunch reported.

However, Wallapop has focused mainly on growing in Spain rather than running after business further afield, and instead of growing the range of goods that it might sell on its platform – it doesn’t sell food, and doesn't work with retailers in an Amazon-style marketplace – it aims to improve the experience that it does offer to users.