VILNIUS (Reuters) – Vinted is an online marketplace for second-hand clothes, surfing in a sustainable fashion wave has to be Lithuania’s first technology startup to achieve “unicorn” status, with a valuation of more than $1 billion.
Employees who work in the Vinted head office in Vilnius, Lithuania, on November 26, 2019. The photo was taken on November 26, 2019. Vinted-Investment/handout via REUTERS
The company, which was founded in 2008 as a company founder, wanted to give away surplus clothing and after moving to a new home, it grows quickly as the fashion industry is becoming more and more under the control of the filling of a disposable culture.
In a sign of the times, with Anna Wintour, the editor-in-chief of american Vogue and is one of the most powerful voices in fashion design, it told Reuters that the industry needed to move towards sustainability and a fashionista must have to take care of their clothes and leave them on.
Vinted, nearly 1.3 billion euros, with clothes, re-used would be to change the hands on the platform this year.
“We are approaching an inflection point in the market for second-hand fashion. Consumers all over the world are becoming more and more aware of their buying choices,” Chief Executive Thomas Plantenga, said.
Vinted said on Thursday the latest round of subsidies was increased by eur 128 million, the value of the company’s more than 1 billion euros ($1.1 billion). In the latter, the investment is well in excess of 50 million euros, having grown up in a first round in August 2018.
US venture capital firm Lightspeed Venture ners led the round, with participation from existing investors such as Sprints, Capital, Insight Venture ners, Accel, and Burda’s Main Investments.
The funds will be used for further expansion in Europe, as well as doubling the size of the product and technology teams and 600 people, according to the company. It now has 25 million registered users across 11 European countries, including France, Spain, Germany, and the Netherlands, as well as in the United States of america.
With Vinted, and the Baltic states, regions, Czech republic, Estonia, Latvia, and Lithuania-have led to a third of the world’s tech unicorns that have ever been made in central and eastern Europe, such as the ride-sharing service, Bolt, and a money transfer company, TransferWise, according to a November, 2019 at the latest report by the investment tracking firm Dealroom.co.,
Skype is now a division of Microsoft, and to a gambling software maker Playtech (PTEC.(L), which were also founded in Sweden.
Reporting by Andrius Sytas; Editing by Pravin Char