Vinted, an online marketplace for second-hand garments, 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 organization, made in 2008 as one author wanted to give away surplus garments subsequent to moving to a new house, is developing quickly as the fashion industry goes under developing scrutiny for fuelling a disposable culture.
In a sign of the times, Anna Wintour, the editor of Vogue and one of the most dominant voices in fashion, disclosed to Reuters the industry expected to seek after greater manageability and that fashionistas should think about their garments and pass them on.
Vinted said almost 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 most recent funding round had raised 128 million euros, esteeming the organization at more than 1 billion euros ($1.1 billion). The most recent investment was well over the 50 million euros brought up in a past round in August 2018.
U.S.- based venture capital firm Lightspeed Venture Partners led the round, with cooperation from existing backers, for example, Sprints Capital, Insight Venture Partners, Accel and Burda Principal Investments.
The funds will be utilized for further development in Europe, as well as for doubling its product and technology groups to 600 individuals, the organization said. It currently has 25 million clients in 11 European nations including France, Germany, Spain, and the Netherlands, as well as in the United States.
With Vinted, the Baltic state’s region of Estonia, Latvia, and Lithuania have brought forth 33% of all tech unicorns ever made in central and eastern Europe, for example, ride-sharing service Bolt and cash transfer organization TransferWise, as per a November 2019 report by investment following firm Dealroom.co.
Skype, presently part of Microsoft, and gambling software creator Playtech were likewise established in Estonia.
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