The South Korean internet giant Naver is set to acquire the Spanish second-hand marketplace Wallapop in a transaction valuing the company at 600 million euros, it was announced today.
The companies stated that the agreement has the support of the majority of shareholders and is expected to be concluded in the coming months, pending relevant regulatory approvals.
The deal evaluates Wallapop at 600 million euros, reaching a post-investment valuation of around 650 million euros, aiming to accelerate growth, innovation, and leadership of the Spanish marketplace in Southern Europe.
Naver aims to expand its e-commerce presence in Europe with this acquisition, positioning itself to further leverage global e-commerce opportunities and circular consumption: “By expanding its e-commerce footprint in the region, Naver will be able to capitalize on the growing market for second-hand goods,” it emphasized.
Wallapop will continue to operate from its headquarters in Barcelona under the leadership of CEO Rob Cassedy, maintaining its current team and brand.
“The future owner will provide know-how and technology in key areas such as search, advertising, and payments,” according to the statement, which adds that Wallapop will also benefit from Naver’s vast experience in investing in other consumer-to-consumer (C2C) platforms and its proven track record in supporting the growth of local businesses.
Cited in the document, Naver’s CEO stated that the company was “founded on the principle of creating an open and diverse Internet with multiple stakeholders,” and “this partnership with Wallapop perfectly reflects that goal and is a testament to the strong belief in the potential of the European startup ecosystem and the desire to contribute to its growth.”
“Our aim is to preserve Wallapop’s unique identity and strengthen it with our technological capabilities, so it can continue leading the market and expanding its impact in Southern Europe,” Soo-yeon Choi remarked.
Wallapop’s CEO, Rob Cassedy, believes that Naver’s “deep understanding” of the C2C commerce vision, combined with its technological expertise and success in helping local businesses grow, will drive its growth and innovation in Southern Europe.
Naver has made several strategic global investments: In 2023, it acquired Poshmark, a US-based C2C online re-commerce company for fashion, home goods, and electronics, and has invested more than 500 million euros in Europe across 30 portfolio companies, including eight unicorns.
In 2017, it acquired the Xerox Research Center in Grenoble, France, now known as Naver Labs Europe, which has become “a central part of its global R&D ecosystem,” a “successful model” that Naver now intends to replicate with Wallapop.
Founded in Barcelona in 2013, Wallapop connects a community of 19 million people who generate over 100 million ads annually, facilitating the buying and selling of second-hand items.
The company ended 2024 reaching breakeven in its Spanish market operations and surpassed 100 million euros in revenue, expecting to achieve “record revenue and profitability levels.”
In a typical year, Wallapop users, whose previous investors include Korelya, Insight Venture Partners, Accel, NEA, Northzone, and Áxis through Fond-ICO Next Tech, generate sales worth between 2,000 and 2,500 million euros.
