Second-hand-fashion start-up raises €128 million, passing a valuation of $1 billion
Vinted will use the funding to continue Europe expansion and add more features on its platform
Vinted, a site where people can sell and buy second-hand clothes, has raised €128 million (around £109m, $140.9m) led by Lightspeed Venture Partners, with previous backers Sprints Capital, Insight Venture Partners, Accel and Burda Principal Investments also participating.
Founded in 2008 and headquartered in Vilnius, Lithuania, Vinted has passed a valuation of $1 billion (an exact amount is not specified), making it one of the biggest start-ups to come out of the country. Estonian Uber competitor Bolt, formerly known as Taxify, is also valued at over $1 billion.
Vinted will use the money to continue expanding in Europe, and build out more features on its platform to enhance buying and selling.
CEO Thomas Plantenga said: “We want to make sure we don’t have new products. All our sellers are regular people.”
Around 75 per cent of Vinted’s customers have never bought or sold second hand clothes in their lives before coming to the platform, he added.
Vinted changed its business model in 2016 to make the costs as low as possible for users to list clothes, which produced a “dramatic change” in the company’s growth trajectory.
The start-up has around 180 million products live on its platform, 25 million registered users in 11 markets and 300 employees. It expects to sell €1.3 billion in clothes in 2019.
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