Lithuanian Startup Vinted Secures $27 Million Series C to Expand in New Markets
Justas Janauskas and Milda Mitkutė, co-founders of Vinted / Photo by Liucija Masaitytė
Vinted, the world’s largest pre-loved fashion and lifestyle marketplace, announced that it has raised $27M in Series C Round funding. According to the press release, the round, led by Hubert Burda Media along with Accel and Insight Venture Partners, will be used to expand its service to fresh markets around the world.
Vinted allows members to buy, sell or give away pre-loved clothes, shoes, and accessories, get great fashion ideas and make friends with the wider Vinted community through its iOS and Android apps. Earlier this year, the company expanded its supply to include lifestyle items in order to become the preferred marketplace for goods that consumers use to define their own styles.
This latest round of funding brings the total amount of venture capital Vinted has raised since 2013 to $60.6 million. The startup aims to use the funding to expand its service to new markets outside of Europe and the U.S. spreading the style-sharing experience and supporting mindful consumption by growing a community that puts resources to good use instead of adding to landfills.
“Hubert Burda Media is an ideal partner to drive our international growth,” said Justas Janauskas, CEO and Co-founder of Vinted. “Burda’s expertise in lifestyle media and scaling digital communities will be a major source of support for our expansion, which we’ll begin in early 2016.”
Vinted has an exceptionally active community of daily active members who spend an average of 45 minutes per day on the app. The high level of engagement within its community yielded a partnership with Facebook in April 2014 for the launch of Facebook’s in-app mobile ads.
“Vinted’s business model is perfectly scalable and will work in practically any country,” said Martin Weiss, Hubert Burda Media’s Managing Director. “We’re certain Vinted will benefit from Burda’s strong focus on digital media and the international media market.”
The company gives members of its marketplace the tools to make money from what they already own, or find signature pieces for a fraction of retail price. Vinted’s 11 million members can shop for more than 20 million items currently on sale at the marketplace, whose annual GMV exceeds 100 million euros.
“Since first investing in Vinted, the company has charted a strong growth path and expanded to a number of new markets. This latest round of funding will allow it to continue its international growth and become a clear global market leader,” said Michiel Kotting, Partner at Accel in London.
Brad Twohig, Principal at Insight Venture Partners, said, “We are pleased to partner with Burda, who can support Vinted through its strong German brands as well as the international market.”
An important player in the thoughtful consumption movement, Vinted is set to increase the element of sustainability in the fashion industry by spreading the style-sharing experience and supporting mindful consumption. With an internal mission to make second-hand the first choice worldwide, Vinted is now ready to build new communities and help them change shopping habits.
Vinted is a platform that helps users sell and buy pre-loved fashion and lifestyle items from each other. Putting a new twist on a traditional online marketplace, Vinted has done away with the shopping cart and makes shopping more personal through one-on-one member interactions in its community. The company, founded as a 2-person startup in Lithuania back in 2008, has websites and apps in the United States and Europe, with a particularly strong presence in France and Germany. A total of more than 11 million members make Vinted the largest pre-loved fashion marketplace in the world.
About Hubert Burda Media
Responsible for over 400 print and digital consumer brands, Hubert Burda Media is one of Germany's largest media groups. A strong focus on its digital portfolio and the international media market has been powering growth for several years. Innovation is the driving force behind the organization, which builds on its original roots and values as a family-owned company. It publishes more than 320 magazines around the globe. Burda's digital business contains successful, expanding companies that include e-commerce and marketing platforms along with rating and agency portals and holdings in social media sites. Burda has 165 million users, approximately 40 million paying consumers and 43,000 advertisers. Its commercial success is driven by some 10,000 employees around the world: Burda is active in 19 markets, above all in Germany, Europe, the United States and Asia.
Accel is a leading early- and growth-stage venture capital firm, powering a global community of entrepreneurs. Accel backs entrepreneurs who have what it takes to build a world-class, category-defining business. Founded in 1983, Accel brings more than three decades of experience building and supporting hundreds of companies. Accel's vision for entrepreneurship and business enables it to identify and invest in the companies that will be responsible for the growth of next-generation industries. Accel has backed a number of iconic global platforms, which are powering new experiences for mobile consumers and the modern enterprise, including Atlassian, BlaBlaCar, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, QlikTech, Simplivity, Slack, Spotify, Supercell, WorldRemit and others.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 250 companies worldwide. Their mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success.