Lithuanian consumer-to-consumer second-hand fashion platform Vinted has raised €250 million in a Series F round led by EQT Growth. The round also saw participation from previous investors Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners, and Sprints Capital, and provides the company a pre-money valuation of €3.5 billion. As part of the deal, EQT’s Carolina Brochado will join the board at Vinted.
“Vinted is transforming the second-hand fashion market across Europe through their customer-centric approach and extraordinary execution,” comments Brochado.
Vinted reports that the funding will be used to expand into new markets, both within European borders and beyond, as well as improve the overall buyer experience, namely by investing in, “trust and safety, payments, shipping, infrastructure and other and new product tools and features”.
With the global fashion market forecast to balloon to a whopping $2.2 trillion by 2025, Vinted finds itself well-positioned, and only 13 years after its founding. In November of 2019, when we only knew of people getting sick, somewhere, from something, Lightspeed Venture Partners led a €128 million funding round and became Lithuania’s first Unicorn.
Over the course of 2020 Vinted acquired Dutch competitor United Wardrobe, ramped up marketing efforts in the UK, and brought the German market on board under Vinted, scrapping the Kleiderkreisel brand.
“We want to replicate the success 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,” comments Vinted CEO Thomas Plantenga. “We believe 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.”