Lithuanian unicorn Vinted secures €340M secondary investment at €5B valuation: Know more

Vilnius-based Vinted, a second-hand fashion marketplace, has raised €340M in a secondary share sale, bringing its valuation to €5B. Founded in 2008, Vinted became Lithuania’s first unicorn in 2019.

The deal was led by global investment firm TPG Tech Adjacencies (TTAD), which focuses on offering flexible capital solutions to the tech sector.

Other investment funds, such as Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners, and Moore Strategic Ventures, are also involved in the funding. All of Vinted’s existing institutional investors continue to support the company.

Thomas Plantenga, CEO of Vinted, says, “We’re delighted to welcome new investors with the experience to support us through our next phase of growth, while continuing to benefit from the expertise of our long-term backers.”

“TPG and our other new investors share our vision: to make second-hand the first choice, worldwide. We’re also delighted that this share sale rewards our employees for their dedication in making Vinted a success.”

“We are incredibly proud to have built a product that our members love to use, and that has created a market for second-hand fashion. Vinted shows it’s possible to have a successful, profitable business that positively impacts people, communities, and the environment.”

Making second-hand the first choice

Founded in 2008 by Milda Mitkutė and Justas Janauskas, Vinted claims to be the largest online consumer-to-consumer marketplace for second-hand fashion in Europe.

It has millions of registered members across more than 20 markets in Europe and North America, with a mission to make second-hand items the preferred choice worldwide. Members can buy and sell various second-hand items, including clothes and pet care products, to extend their lifecycle.

Vinted is also focused on reducing the shipping footprint of its goods. Its new brand, Vinted Go, aims to create a positive consumption cycle through a growing shipping network. With over 40 carriers and more than 200,000 pick-up points, Vinted has already sent millions of parcels efficiently.

Currently, Vinted employs over 2,000 people in cities like Amsterdam, Berlin, Kaunas, and Paris.

Growth and development

In 2021, Vinted’s pre-money valuation was €3.5B during its last fundraising round. Since then, the company has more than tripled its gross merchandise value (GMV) and has become fully profitable. 

In 2023, Vinted reported a 61 per cent increase in revenue and a double-digit EBITDA margin.

Vinted has focused on providing value to its members, expanding in existing markets and entering new ones like Finland, Greece, and Croatia. The company has also introduced a verification service for trading designer items, which is now available in 10 countries. 

Recently, Vinted launched a new category for electronics and expanded its shipping services in the Netherlands, Belgium, and France. Additionally, the company’s payments business has obtained an EMI license to enhance transaction processes for its members.

Andy Doyle, Partner at TPG, says, “We’ve seen that consumers are increasingly choosing second-hand as a core part of their wardrobe, as sustainability and flexibility become top of mind for many people.”

“Vinted’s customer focus, leading product experience, and sophisticated approach to logistics have made this market accessible to an even broader population. We are excited to partner with Thomas and his team of world-class operators and to count Vinted among our growing portfolio of leading European tech businesses.”