The dream of every founder becomes reality for Simon Beckerman, the creator of Depop, the app born in H-FARM in 2011 and which today, in just ten years from its foundation, becomes the second unicorn in Italian history and the first ever for valorisation at the exit. Depop was acquired by Etsy, the Nasdaq-listed American marketplace, for $ 1.625 billion. In 2020 Depop’s gross merchandise sales (GMS) were approximately $ 650 million, while revenues totaled $ 70 million, both up more than 100% year-over-year.
The transaction, thanks to the earn-out clause provided for in the exit agreements, will generate for H-FARM an additional € 6 million with a return of 15.5 times compared to the initial investment (equal to € 792 thousand) , reaching 11 million euros in total receipts. With the collection of the consideration of the earn-out, H-FARM achieves and exceeds in advance the expectations of the entire 2020-2024 industrial plan in terms of exit in startups.