Vinted app. Shutterstock.
Vinted, an online venue for people to buy and sell second-hand clothes, said on Wednesday it had raised €250 million ($303 million) from investors and would invest proceeds in expanding its operations in Europe and beyond.
The Lithuanian startup is one of a crop of firms promoting the so-called “circular” economy, addressing concerns that buying new clothes online leads to waste in the form of packaging or outfits that are quickly discarded.
Vinted, which counts more than 45 million members globally, said the fund raising put a pre-money valuation on the business of €3.5 billion.
The Series F round was led by EQT Growth, with participation from Vinted’s previous lead investors: Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners and Sprints Capital, Vinted said in a statement.
By Douglas Busvine; editor: Steve Orlofsky.