Vinted, the Lithuania-based operator of an e-commerce platform for used fashion items, has secured €128m ($141m) in funding from investors including media company Hubert Burda, Bloomberg reported today.
The round was led by venture capital firm Lightspeed Venture Partners and also featured Sprints Capital, Insight Partners and Accel, while Burda took part through its Burda Principal Investments unit. It valued the company at approximately $1.1bn.
Vinted runs an online platform with more than 25 million registered users that allows them to list, sell and buy second-hand clothing. It has a presence in 11 European countries including Germany, the UK, France and Spain in addition to the US.
The capital will chiefly fund recruitment and further expansion in Europe with some money reserved for acquisitions, CEO Thomas Plantenga told Bloomberg. It made a €42m net loss in 2018 from €32.9m in revenue according to its annual financial statement.
Plantenga said: “We know that this business model works, that it provides value to users and it can be profitable. However, our focus is firmly on accelerating our growth across Europe and providing the best possible product to our members – and we will increase our investments to support this growth.”
The company has now raised more than $259m since it was founded in 2008. Sprints Capital led its last round, in September 2018, when it raised $58m from a consortium that included Hubert Burda, Insight Partners and FJ Labs.
The company had previously received $27m in a 2015 series C round co-led by Hubert Burda and existing investors Insight Partners and Accel.
