Secondhand fashion e-tailer Vinted raises €250 million from investors
Vinted is about to embark on a major growth initiative. The business, which claims to be the largest online C2C marketplace in secondhand fashion across Europe, has secured €250 million in funding from EQT Growth.
It said the fund raising puts a valuation on the business of €3.5 billion.
With a presence in over 10 markets worldwide, Vinted also said it will also use the capital to “strengthen its existing leading position across its core markets by leveraging EQT's strong digital and sector expertise, global platform and extensive advisory network”.
It will also leverage EQT's in-house digital and tech expertise and network of advisors “to continue providing a best-in-class customer-centric experience”.
Founded in 2008 and headquartered in Vilnius, Lithuania, Vinted said its success is supported by "favourable secular megatrends, including increased focus on sustainability efforts and greater demand for circular fashion”, claiming more than 45 million members globally.
Since Thomas Plantenga took over as CEO in 2016, Vinted also said it has transformed its business model and “developed a proven market development playbook, as evidenced by the company's strong growth and traction in recent years”.
Following the investment, Carolina Brochado, partner at EQT Growth, will also join Vinted's board.
Brochado said: "Vinted is transforming the secondhand fashion market across Europe through their customer-centric approach and extraordinary execution. 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.
Plantenga added: "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. We want to replicate the success we've built in our existing European markets in new geographies and will continue investing to improve not only our product, but also to ensure we continue having a positive impact”.
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