Lithuanian second-hand fashion marketplace Vinted has raised €250m in a funding round that values the company at €3.5bn.
The Vilnius-based company’s platform allows consumer-to-consumer fashion sales where users can list and sell second-hand clothes.
It has 45m users and operates in 13 European countries and plans to expand into the US.
The Series F round was led by EQT Growth with several previous investors participating including Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners, and Sprints Capital.
Thomas Plantenga, chief executive of Vinted, said that the platform is contributing to a “seismic shift in the second-hand fashion market” that is more sustainable and drives the circular economy.
“Our platform offers a great, easy-to-use product and helps people experience the benefits of second-hand trade,” he said.
“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.”
The company was founded in 2008 and has now raised more than €460m. Plantenga took over as chief executive in 2016.
Last year it acquired United Wardrobe, another player in online second-hand fashion sales.
It employs 700 people and plans to invest more heavily engineering and product development out of its Berlin office.
As part of this investment, EQT partner Carolina Brochado will be joining the company’s board.
“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,” she said.
Vinted’s growth comes amid increasing interest in online second-hand clothing sales and other goods. This week Dublin’s Thriftify, which raised €500,000 last year, launched in the UK to help charity shops sell online.
The post Second-hand clothing platform Vinted valued at €3.5bn appeared first on Silicon Republic.