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VILNIUS, Nov 28 (Reuters) - Vinted, an online marketplace
for second-hand clothes, has surfed a sustainable fashion wave
to become Lithuania's first technology startup to reach
"unicorn" status with a valuation of over $1 billion.
The company, created in 2008 as one founder wanted to give
away surplus clothes after moving to a new house, is growing
rapidly as the fashion industry comes under growing scrutiny for
fuelling a throwaway culture.
In a sign of the times, Anna Wintour, the editor of Vogue
and one of the most powerful voices in fashion, told Reuters the
industry needed to pursue more sustainability and that
fashionistas should care for their clothes and pass them on.
Vinted said nearly 1.3 billion euros worth of reused
clothing would change hands on its platform this year.
"We are approaching an inflection point in the market for
second-hand fashion. Consumers around the world are becoming
increasingly conscious of their buying choices," Chief Executive
Thomas Plantenga said.
Vinted said on Thursday latest funding round had raised 128
million euros, valuing the company at more than 1 billion euros
($1.1 billion). The latest investment was well above the 50
million euros raised in a previous round in August 2018.
U.S.-based venture capital firm Lightspeed Venture Partners
led the round, with participation from existing backers such as
Sprints Capital, Insight Venture Partners, Accel and Burda
Principal Investments.
The funds will be used for further expansion in Europe, as
well as for doubling its product and technology teams to 600
people, the company said. It now has 25 million users in 11
European countries including France, Germany, Spain, and the
Netherlands, as well as in the United States.
With Vinted, the Baltic states region of Estonia, Latvia and
Lithuania have spawned a third of all tech unicorns ever created
in central and eastern Europe, such as ride-sharing service Bolt
and money transfer company TransferWise, according to a November
2019 report by investment tracking firm Dealroom.co.
Skype, now part of Microsoft, and gambling software maker
Playtech, were also founded in Estonia.
($1 = 0.9073 euros)
(Reporting By Andrius Sytas; Editing by Pravin Char)
