Second-Hand Clothing Marketplace Vinted Raises 250 Million Euros
LONDON — The second-hand, online marketplace Vinted has raised 250 million euros in a Series F round, which the company said will go towards funding international expansion, new hires and improving the overall customer experience.
The new funding round, led by EQT Growth, has valued Vinted at 350 million euros. All the previous Vinted investors also participated in the latest round, including Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners, and Sprints Capital.
Vinted, which has 45 million members and sells mostly vintage and high-street clothing, said it wants to expand its membership base further and ensure second-hand fashion will become consumers’ first choice.
It already has major momentum: In the last year, the Lithuanian company grew its team by 75 percent to more than 700 people — making it one of Lithuania’s first unicorns.
The new funds will go towards expanding the team’s new Berlin office, investing further in product tools, shipping, payments and overall infrastructure.
“We are contributing to a seismic shift in the second-hand fashion market, enabling more sustainable, socially-responsible shopping habits. Our platform offers a great, easy-to-use product and helps people experience the benefits of second-hand trade,” said Vinted chief executive officer Thomas Plantenga.
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He founded the retail platform in 2008. Since then, Vinted has established its presence across Europe and acquired the Dutch marketplace United Wardrobe.
“We want to replicate the success that we’ve built in our existing European markets in new geographies, and will continue investing not only to improve our product, but also to ensure we continue to have a positive impact,” Plantenga said.
“Today’s milestone is a vote of confidence in our commitment to the circular economy and our relentless effort to build a business that encourages more people to buy and sell second-hand,” he added.
Carolina Brochado, who is a partner at EQT Growth and will also be joining the Vinted board, pointed to the growing opportunity for digital-first platforms addressing customers’ increased concerns around the environmental impact of clothing.
“Vinted is the perfect example of EQT Growth’s strategy of backing fast-growing European tech champions that tap into several macro trends, such as the increasing consumer demand for sustainability and continued penetration of online channels within fashion,” said Brochado.
This is the latest in a series of investments in the second-hand market across both the luxury and the high-street spectrums. Earlier this year, Vestiaire Collective received investment from Kering and Tiger Global as did the London-based marketplace Reflaunt, while brands like Mulberry and Alexander McQueen launched their first recommence initiatives in partnership with Vestiaire.
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