- Prachi Singh |
Vinted, Europe’s online C2C marketplace for second-hand fashion, has raised 128 million euros (141 million dollars) in an equity funding round, valuing the company at over 1 billion euros. The company said in a statement that this latest round of funding will be used to invest in product development and to accelerate Vinted’s rapid growth across Europe.
Commenting on the development, Thomas Plantenga, CEO of Vinted, said: “We are approaching an inflection point in the market for second-hand fashion; consumers around the world are becoming increasingly conscious of their buying choices. We’re grateful to our new and existing backers who believe in our mission to make second-hand the first choice worldwide.”
Vinted raises 128 million euros in funding The company expects this funding to enable it to double headcount in the product and technology teams, invest in technologies to continue to improve the value proposition for members and further strengthen trust, safety, and member-support services on the platform as well as continue to grow and connect its strong pan-European member base, which currently numbers 25 million members across 11 markets in Europe.
“At Lightspeed, we look for outlier management teams building generational companies. Vinted is defining its market and has built a global brand in C2C commerce and communities,” added Brad Twohig, Silicon Valley-based Partner at Lightspeed Venture Partners.
The funding round was led by new investor Lightspeed Venture Partners, with participation from existing backers including Accel, Sprints Capital, Insight Venture Partners and Burda Principal Investments. In 2019, the company said, 1.3 billion euros of gross merchandise volume is expected to be transacted on Vinted.
Further commenting on the deal, Luciana Lixandru, Partner at Accel, said: “When we led Vinted’s Series A, we were intrigued by the company’s unique approach to creating a marketplace for buying and selling second-hand fashion and its remarkable early traction. Since taking the helm, Thomas has steered the business to impressive growth, as it redefines the used clothes market, and Vinted’s very active community of members continues to grow.”
Photo credit: Vinted, Facebook