Vinted announces a new €25 million funding round
Less than 2 years after its latest round of funding, Vinted still wants to accelerate its expansion, and is equipping itself with the means to do it…
The Lithuanian second-hand fashion marketplace accordingly announced a Series C round of funding worth €25 million. This new round is being led by German media group Hubert Burda. Former financing partners Media Insight Venture and Accel Partners will not take part in this round but remain as shareholders.
After this latest investment round, the amount of venture capital funding raised by Vinted since 2013 has risen to €55.40 million. The company is planning to use these new resources to expand outside of Europe and in the USA.
Also, by democratising this new way of shopping responsibly, Vinted plans to boost its community's numbers and loyalty, in an effort to reduce over-consumption and textile industry-generated pollution.
Justas Janauskas, Vinted's CEO and co-founder, stated that Hubert Burda Media, thanks to its expertise in lifestyle media and digital communities, is an ideal partner for Vinted's international development.
While Martin Weiss, Hubert Burda Media's CEO, is confident that Vinted's model can evolve and function well in any country: "We are sure that Vinted will make the most of Burda's strong focus on digital media and the international media market," he stated.
Since its launch in 2008, Vinted has managed to develop a community of members who are active on the site on a daily basis, with an average daily connection time of 45'. This level of engagement didn't escape Facebook's notice, and the social media giant launched its 'In-app mobile ad network' in association with Vinted in April 2014.
"This new investment round will allow [Vinted] to obtain the financial resources necessary to continue with its expansion and became the market's world leader," stated Michiel Kotting, from the London office of Accel Partners.
Vinted itself shares this ambition. As a major player in the responsible consumption movement, Vinted wishes to contribute to fashion industry sustainability.
As an internal objective, the company also wants to turn second-hand shopping into a primary consumption mode worldwide!
Copyright © 2022 FashionNetwork.com All rights reserved.