Vinted, a Vilnius, Lithuania-based e-commerce startup that's been seeing a lot of interest in its peer-to-peer marketplace for secondhand fashion items, has raised $27 million in Series C funding in a round led by international media company Hubert Burda Media.
VC firms Accel Partners and Insight Venture Partners also participated in the round, which brings Vinted's total of capital raised to just north of $60 million.
Founded about 7 years ago, Vinted basically allows members to purchase, sell or give away used clothes, shoes, and accessories, on the Web and via its smartphone apps. Earlier this year, the company expanded its supply to include 'lifestyle items'.
The fresh cash will serve to support the Baltic startup's expansion to new markets outside of Europe and the United States, and to further invest in its products and community. Today, that community is formed by some 11 million members, who spend an average of 45 minutes per day on the app to shop for more than 20 million available items.
Justas Janauskas, co-founder and CEO of Vinted, says Hubert Burda is an 'ideal partner' to support its expansion plans in 2016, given its "expertise in lifestyle media and scaling digital communities”.
The media group publishes more than 320 magazines around the globe, while its digital business gives it (and now, Vinted) access to some 165 million users.