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Octopus Titan VCT plc (“Company” or “Titan”)
2 June 2021
Disposal of stake in Depop Ltd
The Board of Octopus Titan VCT plc is pleased to announce that terms have been agreed for Etsy Inc to acquire Depop Ltd at a headline price of $1.625bn. The resulting cash proceeds attributable to Titan are not materially different from the value at which Titan currently holds its investment in Depop. The consideration will consist primarily of cash and is expected to complete in the third quarter of 2021.
Depop is a mobile-first marketplace connecting those looking to buy and sell streetwear. Depop’s core sellers are mainly comprised of individual creatives looking for a route to market for their collections of clothing. Titan invested at the series B funding round in 2018 and participated in the series C funding round in 2019. Cumulatively, Titan invested £8.7m in Depop.
This demonstrates the important role that VCTs play in investing in the people, ideas and industries that will help change the world.
For further enquiries, please contact:
Octopus Company Secretarial Services Limited
020 3935 4186