Fashion: Vinted raises 128 million euros

This 128 million euros fundraising allows the clothing resale platform to exceed one billion euros in valuation.

Thomas Plantenga, CEO of Vinted

The Vinted platform, which offers second-hand fashion clothing for resale in 12 countries, announced Thursday, November 28 that it had raised 128 million euros, which allows it to exceed one billion euros in valuation, in order to strengthen its presence and offer in Europe. “To support this growth and continue to optimize the customer experience, Vinted plans to expand the workforce of its European teams, which currently have more than 300 employees,” the company said in a press release.

The American venture capital firm Lightspeed Venture Partners thus joins the four historic investors who have also participated in a first round of funding since August 2018.

Read alsoThe crazy figures of Vinted in France

The company, which is headquartered in Vilnius, plans to develop its technological capabilities by doubling its technical teams and investing in cutting-edge tools, in order to strengthen and streamline the security of the services offered while expanding its community by 25 million. ‘European users.

“We plan to double the number of employees within a year or a year and a half to around 600. This involves hiring 300 highly qualified experts in positions such as programmers, data analysts, product managers. They will help us accelerate the expansion of the product, ”Mantas Mikucka, executive director of Vinted, said in an interview on Thursday with the Lithuanian daily Verslo Zinios.

“Global brand”

He also underlined the company’s desire to expand into new European markets and strengthen its position in countries where Vinted already operates. The group also wants to consolidate its financial base in Europe before strengthening its activities in the United States, he added. According to him, “we are at a turning point” in the decisions of consumers who are starting to view second-hand clothes as their first choice.

“Consumers around the world are increasingly aware of the impact of their purchasing choices,” said Thomas Plantenga, Dutch CEO of Vinted. “We are grateful to our current and new investors, who believe in our mission to make second hand the first choice for everyone”.

“Vinted is defining a market and has built a global brand in commerce and peer-to-peer communities,” said Brad Twohig, partner at new entrant Lightspeed Venture Partners.

The site, which offers more than 180 million second-hand fashion items by connecting sellers and buyers from 11 European countries as well as the United States, ensures that in 2019 it will handle a volume of transactions that is expected to reach 1.3 billion euros.

In 17 months, its revenues have quadrupled and it has set up transnational delivery circuits, in order to connect its members from different countries.

The site was created in 2008 by Lithuanians Justas Janauskas and Milda Mitkute, eager to get rid of an impressive wardrobe advantageously before a move. In 2011, they were joined by a first investor, Mantas Mikuckas, who expanded the activity internationally.

(With AFP)