Uría helps Wallapop with a €157m financing round

Uría Menéndez has advised Spain’s Wallapop on a €157 million financing round for its classifieds marketplace

Barcelona-based virtual marketplace Wallapop, that lets people resell their used items, or sell items like crafts that they make themselves, has raised €157 million, money that it will use to continue growing the infrastructure that underpins its service so that it can expand the number of people that use it.

Uría Menéndez advised Wallapop on its Series G financing round that will be structured through a capital increase (primary investment); and the acquisition of outstanding shares to allow current shareholders access to liquidity (secondary investment). The company organised a competitive process to select the lead investor in the financing round with the assistance of J.P. Morgan and Uría Menéndez. The transaction values Wallapop (post-money) are coming at a valuation of €690 million, making it one of the biggest start-ups in the Spanish market to date.

Through all of the last year’s lockdowns, venue closures and other social distancing measures that governments have enacted and people have followed to slow the spread of COVID-19, shopping — and specifically e-commerce — has remained a consistent and hugely important service. It’s not just something that we had to do; it’s been an important lifeline for many of us at a time when so little else has felt normal. Today, one of the startups that saw a big lift in its service as a result of that trend is announcing a major fundraise to fuel its growth.

Uría Menéndez advised Wallapop with a Barcelona office team comprising Corporate partner Antonio Herrera (pictured left), Tax partner Carlos Durán (pictured centre), IP&IT counsel Núria Porxas (pictured right), Corporate senior associate Anna Viñas, Corporate junior associate Marina Cantalapiedra and Tax senior associate Alejandro Villegas.