Lithuania’s startup Vinted, the world’s largest secondhand fashion and lifestyle marketplace, has raised $27 million in a Series C funding round led by Hubert Burda Media, Accel and Insight Venture Partners.
Founded in 2008 as a 2-person startup in Vilnius, Lithuania, Vinted is a platform that allows members to swap, buy, sell or give away used clothes, shoes, and accessories, get 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.
Vinted replaced the typical e-commerce shopping cart by making shopping more personal through one-on-one member interactions. 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,” according to the company.
“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’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.”
“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.”
Hubert Burda Media is one of Germany’s largest media groups, with over 400 print and digital consumer brands. 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. Burda has 165 million users, approximately 40 million paying consumers, and 43,000 advertisers. Burda is active in 19 markets, primarily in Germany, Europe, the United States and Asia, with close to 10,000 employees globally. The company was founded in 1898 by Franz Burda I, it is privately held and is headquartered in Offenburg and Munich.
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 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.
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.