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Second-hand fashion platform Vinted raises €250 million

YarnsandFibers News Bureau 2021-05-14 09:12:42 – Lithuania

Vinted, a second-hand fashion platform based in Lithuania, has raised €250 million in a Series F round led by EQT Development.

Previous investors Insight Partners, Accel, Burda Principal Investments, Lightspeed Venture Partners, and Sprints Capital all participated in the round, giving the firm a pre-money value of €3.5 billion. Carolina Brochado of EQT will join the Vinted board of directors as part of the contract.

Brochado commented Vinted's customer-centric attitude and exceptional execution are changing the second-hand fashion industry across Europe.

According to Vinted, the funds will be used to extend into new markets both within and outside of Europe, as well as to boost the overall buyer experience by investing in “trust and safety, payments, shipping, logistics, and other new product resources and features,” among other things.

Vinted is well-positioned in the global fashion industry, which is expected to reach $2.2 trillion by 2025, just 13 years since its establishment. Lightspeed Venture Partners led a €128 million fundraising round in November of 2019, when we just heard of people being sick, somewhere, from whatever, and becoming Lithuania's first Unicorn.

Vinted purchased Dutch rival United Wardrobe in 2020, increased marketing activities in the UK, and merged the German market with Vinted, scrapping the Kleiderkreisel name.

Thomas Plantenga, CEO of Vinted said they want to repeat their current European market growth in new geographies, and they'll continue to invest not just in improving their offering, but also in ensuring they have a positive impact.

He adds that today's achievement, they say, is a vote of confidence in their contribution to the circular economy and in their never-ending efforts to create a company that inspires more people to purchase and sell second-hand.

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