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Thursday, February 2, 2023
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Uría, Hogan Lovells advise on Wallapop´s €81m series G

Hogan Lovells has advised Korelya Capital, an investment fund co-founded by Fleur Pellerin and Antoine Dresch and backed by South Korean group Naver, on its add-on investment in Spain´s Wallapop, counselled by Uría Menéndez, that secured €81 million in a Series G

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Founded in 2014, Wallapop is a Spanish online marketplace for buying and selling second-hand goods. It boasts a community of more than 15 million users across Spain, Italy and Portugal. This operation will allow Wallapop to pursue its organic development in Europe.

Korelya Capital, an investment fund co-founded by Fleur Pellerin and Antoine Dresch and backed by South Korean group Naver, had already signed an investment agreement in Wallapop raising €157 million ($191 million), coming at a valuation of €690 million ($840 million) also adviced by Hogan Lovells.

According to market sources, Naver invested to become the largest shareholder, solidifying a global grip in the bourgeoning customer-to-customer market.

Hogan Lovells Paris advised with a Corporate team comprising partner Xavier Doumen and senior associate Bob Zeller.

Hogan Lovells Madrid advised with a Corporate team formed by partner Graciela Llaneza and associate Mariana Blanco, a Tax team including partner Javier Gazulla and counsel Alex Moscoso del Prado, and associate Clara Lázaro advising on Intellectual Property.

From left to right: Antonio Herrera, Carlos Durán and Carlos Paredes

Uría Menéndez advised Wallapop with a team formed by partners Antonio Herrera (Corporate, Barcelona), Carlos Durán (Tax, Barcelona) and Carlos Paredes (Corporate and M&A, Madrid), senior associate Alejandro Villegas (Tax, Barcelona), and junior associates Marina Cantalapiedra (Corporate, Barcelona) and Lucía Serrano (Corporate, Barcelona).

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