Depop has raised $62m in a Series C round led by General Atlantic, which the fashion marketplace intends to use to accelerate its US expansion.

Existing investors such as Octopus Ventures and TempoCap also participated in the round alongside angel investor Sebastian Siemiatkowski, founder and CEO of Swedish fintech company Klarna.

Depop has five million users and expects its community to 15 million over the next three years.

The funds will also be used to grow its London-based engineering and data science teams whilst also investing in new tools and functionality.

Sellers on the platform have made $570m and 19 million transactions have been made since launch in 2011.

Maria Raga, Depop CEO, said: “The next generation of young people want an experience the fashion industry is struggling to provide.

“Depop is set up to meet these changing demands. We exist to empower the next generation to transform fashion.

“Social shopping, independent brands and resale are gaining popularity around the world, but particularly in the US where Generation Z will be the largest consumer group by 2020.

“Over the past 18 months, our growth in the US has been almost entirely organic, driven by the community of creative young people on Depop.

“This latest investment will enable us to scale further and faster in the US and beyond, building a platform that helps to find and grow the fashion stars and trends of the future.”

Melis Kahya, General Atlantic Head of Consumer for EMEA, added: “Technology continues to transform the retail landscape around the world and we are incredibly excited to be investing in Depop as it looks to capture the huge opportunity ahead of it.

“In a short space of time the team has developed a truly differentiated platform and globally relevant offering for the next generation of fashion entrepreneurs and consumers.

“The organic growth generated in recent years is a testament to the impact they are having and we look forward to working with the team to further accelerate the business.”