DTC's Daily Digest gives you the latest news on the fastest growing brands in the world. In today's edition: Frankly good breaking the funding goal to drive growth in the UK. The Depop social shopping application aggregates US $ 62 million; Fintech Teen Banking receives tape support.
Frankly good breaking the funding goal to drive growth in the UK
Has a good honest juice company The funding crowd is 233,000 poundsBeating the pre-financing target of £ 100,000. Work is The subscription box service allows consumers to add more fruits, vegetables and organic foods to their meals. They offer juice-free juice mix sets ready for blending to be delivered to your door, and have sold more than 8,000 juice combinations so far. They now have their eyes on the expansion group.
The subscription market grew 100% year-on-year, and the grocery market is expected to grow by more than 50% over the next five years. This, coupled with data indicating that 73% of the Millennium Generation will pay for sustainable offerings, provides an opportunity to expand and further build the fan base.
The UK IPO market is expected to reach £ 1 billion by 2022, and Honestly is benefiting from this, achieving 60% customer retention since 2018, with 25% of customers spending more than £ 500.
Funding will be used to improve Honestly's premises, invest more in technology, introduce a fully reusable, reusable packaging system and continue to promote the brand nationwide.
Depop social shopping application raises 62 million USD
Depop, a social shopping application that has been described as a combination of eBay and Instagram Raised $ 62 million (£ 49 million), doubling its user base in the United States three times. Investment led by VC General Atlantic.
Since its launch in Milan in 2011, Depop has grown to 13 million users in 147 countries around the world, including the United States, focusing on teen audiences. About 90% of its users are under the age of 26 and use the platform to sell used clothing or start their own businesses from their homes.
The funding will also be spent on building London-based engineering and data science teams and investing in new tools to improve platform functionality.
Depop is a social market that provides users an easy way to buy and sell a variety of items across its application. Sites like ThredUp and Poshmark will be considered competitors.
According to Swidenbank, some Depop sellers can attract up to 300,000 US dollars (236,000 pounds) per year on the application. Depop takes a 10% reduction from each transaction. Since DTC brands are looking for new places to advertise, where Facebook and Instagram are overpriced and overcrowded, Depop may be an interesting tool.
Fintech Teen Banking receives tape support
The tape led the US dollarFinancing of $ 22.5 million (£ 17.7 million) Round for Step, an emerging US mobile banking company focused on teenagers, has developed a strong queue of half a million people within months.
In the week that JPMorgan Chase shut down its 1,000-year-old Millennium Development Project, Step gathered a group of supporters. The step is to build a mobile phone account – maintained with Evolve Bank – designed specifically for teenagers who have benefits and do not have hidden fees or overdrafts.
The mobile application is linked to MasterCard and allows users to send and receive money instantly, online or in-store shopping, as well as using Apple Pay and Google Pay. Tape provides version and processing technology.
Parents receive supervision of teen spending, giving them the opportunity to set limits and guidelines as well as to see the use of the card. Step will use the new funding to make appointments and accelerate its roadmap as it prepares to launch it, absorbing what it calls "the people who have already been sacked."