It's safe to generalize that many app creators dream of being bought out by the big guns. That's the most passive kind of passive income there is. Depop founder Simon Beckerman is experiencing this first-hand following the announcement that Etsy is purchasing the company. How's Beckerman's net worth looking amid the cash drop?
Here's a look at Beckerman's assets behind the screens.
The Etsy deal tells us what Simon Beckerman's Depop is worth
Etsy is spending $1.63 billion (or about 1 billion pounds, since Depop is a London-based company) to acquire the thrift-store app.
Beckerman founded Depop in 2011 and the brand has been experiencing a steady stream of growth ever since. It makes sense that Etsy is purchasing the company—their goals of attracting shoppers for handmade or vintage items often overlap. However, their user base is slightly different, and fusing the two can help Etsy bolster its reach.
About Etsy's acquisition, Beckerman said, "What Depop offers—easy access to unique fashion and a vibrant creative community— is truly distinctive. It’s all about the power of genuine human connection. And it is the people themselves that make being part of the business such a great experience."
Beckerman has built his net worth catering to a younger generation
Beckerman built a company with offices across the world (including London, Manchester, New York, Los Angeles, and Sydney) and about 400 employees. He also built a company with major potential, simply because of the fact that it caters to a young audience. Gen Z has a lot of life to live and consumerism to accomplish.
Young millennials under the age of 26 and Gen Z'ers born after 1997 make up 90 percent of Depop's user base, which runs 30 million strong. In the U.S., Depop snagged the spot of the 10th most visited shopping site. In contrast, Etsy's average user age is 39 years old.
In short, Beckerman's target audience is and has always been unique. It's no wonder that Depop blossomed into such a valuable platform.
Depop is keeping Simon Beckerman's compensation on the downlow.
Unfortunately, the general public hasn't learned how much Beckerman is getting out of the deal. After the deal goes through, Depop's fiscal fundamentals will become a highlighted topic of conversation for investors (beyond the seven funding rounds that have helped them accumulate $105.6 million).
Beckerman and Depop CEO Maria Raga will likely both profit off of the deal, and I'm sure neither of them is complaining about the outcome. Other Depop executives and institutional investors will also surely get their own windfall, to a degree. As for some of those institutions, venture capital firms General Atlantic, Creandum, Octopus Ventures, and Balderton Capital all have a stake in Depop.
It's about time Beckerman's entrepreneurship paid off
Beckerman's net worth might be an abstract figure, but it's worth noting that this isn't his first entrepreneurial venture. He also owns a sunglass brand called Retrosuperfuture, which he created with his brother. The two started by building an independent magazine together and have gone on to bigger and better things in the world of fashion and the arts.