Red Circle Investments, which is run by the owners of Italian holding company Only The Brave, has made its first UK-based technology investment.

Social shopping application Depop is the beneficiary and has pocketed $1 million (£624,000) of seed funding to conduct product development and grow its community.

Founded by Simon Beckerman in 2011, Depop launched its iOS (Apple operating system) app at the beginning of 2013 to allow users to buy and sell desirable goods. One million items have so far been listed on the free app, which also links to social media platforms to help with promotion.

Beckerman says, ‘I didn’t want to create a faceless marketplace used by strangers, but a system that’s mobile, social, and where users can form meaningful relationships with each over a shared interest in quality goods, whether fashion, furniture or art.

‘To have the backing from such influential investors, whose experience lies predominately in the fashion industry, provides huge validation for us.’

An emphasis will now be placed on scaling the business by developing products as well as ‘growing and nurturing’ its active community, Beckerman adds.

More on investments in apps:

• London events iPhone app gets investment from Spotify backer
• London taxi app hails millions
• Etsy buys mobile app start-up Mixel to develop its own offering

Prior to setting up Depop, Beckerman also founded music, fashion and lifestyle magazine PIG as well as Super Sunglasses. The $1 million he has secured from Red Circle Investments and Luca Marzotto goes with the $1 million he has already raised from the likes of Balderton Capital and Holtzbrinck Ventures through a number of small rounds between 2011 and 2012.

Red Circle Investments is the private investment company of the Italian Rosso family and was established in 2011 to back foreign and native companies in the technology, fashion, environment and sustainability sectors.