Naver investing another $81 million in Spain's Wallapop

Industry

Published: 12 Jan. 2023, 18:30 Updated: 13 Jan. 2023, 16:26

Naver investing another $81 million in Spain's Wallapop

Wallapop, a Barcelona-based secondhand marketplace [WALLAPOP]

Naver will invest 75 million euros ($80.6 million) into Wallapop, a secondhand marketplace based in Europe, according to media reports Thursday.

Naver is expected to become the largest shareholder of the Spanish company with the latest investment.

Wallapop is a Barcelona-based marketplace for trading secondhand goods. The company recently wrapped up a funding round, in which Naver reportedly took part through venture fund Korelya Capital, according to La Información, a Spanish media outlet.

Naver neither confirmed nor denied the report.

The local IT company previously invested 115 million euros in Wallapop in 2021 to acquire a 10 percent of the company.

The latest equity investment in the European commerce company is considered part of Naver’s global expansion plan.

Naver recently closed its acquisition of PoshMark, the largest online fashion commerce service in the North American market.

On Oct. 4, Naver announced that it will acquire 100 percent of the U.S. company for $1.6 billion.

This was the biggest investment for Naver to make in a single company and also the biggest investment to come from a Korean IT company.

Earnings from PoshMark will be incorporated into Naver’s performance starting the first quarter this year. PoshMark is to hold a press conference to discuss its business plan for this year in San Francisco, Thursday, local time.

Naver invested 59 million euros into French secondhand marketplace Vestiaire Collective in 2020.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]