It is sold for the same thing that cost to create it

Naver, the company that owns the Messenger Line APP, has bought 100% wallapop for 600 million euros. It is the same amount that investors have contributed during their twelve years of history.

Why is it important. This operation reveals a unique paradox in the Spanish ecosystem: a startup is sold at the best operational moment in its history but in its worst market assessment in a long time. And return exactly the money invested without generating added return for its financial founders.

The facts. The Shareholders Board approved last Friday the sale to the South Korean multinational Naverfor 600 million euros. The figure is a 206 million discount compared to the February 2024 assessment, when It was tasted at 806 million.

During his twelve years of life, Wallapop had raised approximately 600 million in seven rounds of financing. The startup is literally sold, so it cost to build.

The panoramic. Wallapop was going through his best moment from the business perspective:

• Income of 90 million in 2023, a 25%growth.
• Reduced losses to 30 million, compared to 50 million 2022.
• 19 million active users.
• Consolidated presence in Spain, Italy and Portugal.

However, the market context has played against him. The inflated assessments of 2023-2024 have been corrected abruptly, and Wallapop has not been an exception.

Between bambalins. Naver, who already controlled 30% of the capital since 2021, has taken advantage of its internal shareholder position to force a purchase at the opportunity price. The South Korean multinational used the clauses of Drag Along to drag even dissident partners.

The US Fund 14W, with 18% of the capital, He opposed the operation frontally. Your leader, Alex Zubillagacame to threaten legal actions and presented a 450 million counterofferte in March. The irony: protested by an assessment 150 million higher than yours.

In figures. The numbers of this operation are a reflection of the complexity of the moment:

• 600 million: Sale and total capital price historically.
• 206 million: Discount regarding the last round.
• 1.5x: Approximate return for the most veteran funds such as Accel and Insight.
• 0x: added return for the set of investors.

Yes, but. He Ico, who entered the last round With 20 million (3% of the capital), it will not lose money. He negotiated a preferential liquidation clause that guarantees the full return of his investment, a armor that other funds do not have.

Turning point. The operation marks a before and after in the Spanish ecosystem. It shows that reaching valuations that touch the unicorn does not guarantee returns for investors, especially when the Timing At the entrance it is not the luckiest.

• Naver takes one of the most promising Spanish startups just when she began to demonstrate her real potential.
• For investors, twelve years of patience are caught with a technical draw: they recover the invested, but without the expected profitability in a high -risk bet.

Deepen. The Startup, founded in 2013 by Agustín Gómez, Miguel Vicente and Gerard Olivé, now becomes part of the Naver Technological Empire, which includes the leading search engine in South Korea and the aforementioned Line Messenger application.

Rob Cassedy continues as CEO with a template of 300 employees.

In Xataka | I am a seller with five stars in Wallapop. Thus surviving in this second -hand jungle

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