“Sell, buy, and swap your clothes online. Earn some cash, save the world and vint up your style!” is the motto of Vinted, a Lithuanian company, which got financed in what is said to be one of the largest rounds in the Baltics. The Series B investment is in the amount of 27 million dollars. We caught up with Hilary Gosher, co-founder of Insight Venture Partners, who confirmed leading the round along with Accel Partners, “that participated as a follow-on from their Series A investment”. The specific investor amounts were not disclosed.
Founded in 2009, the Lithuanian secondhand online marketplace where you can buy/sell/swap clothes, first announced an institutional funding round in 2013, when it raised 6,6 million dollars for product development from Accel Partners. The most recent investment, on the other hand, will help the company expand on the US market, according to Gosher.
Insight Venture Partners added Vinted to their portfolio for its “unique value proposition, large market opportunity, strong management team and strong growth and adoption in Europe and the US,” said Gosher.
It is a matter of time to see how Vinted develops its strategy on the US market, where it will face tough competition such as C2C shopping tycoon Ebay and companies like Vaunte and Twice, to name a few.
Until then, it’s time for some shopping. Happy Vinting!