Vinted secures $27 million in Series B funding from Insight and Accel
Vinted, a peer-to-peer mobile market place for second-hand clothes, has secured $27 million in a Series B investment led by Insight Venture Partners and existing investor Accel Partners.
The investment will help the company drive product development and expand in the U.S., a market in which it has gained strong traction since its launch there in summer 2013.
Brad Twohig, Principal at Insight Venture Partners, commented: “Vinted has a world-class team that has quickly built a truly social marketplace enabling women with similar fashion tastes to chat, exchange style tips and dress on a budget. We are excited to help them push deeper into the US market.”
“Vinted had impressive early traction when we first met them in September 2012”, said Michiel Kotting, partner at Accel Partners, which invested $6.5 million in the company in a Series A round earlier in 2013. “The member base and user behaviour were a natural fit with mobile, and implementing a mobile-first strategy has rapidly boosted the company to 60 million monthly visits and climbing.”
What began as Lithuanian-based clothing exchange website in 2008 has since grown and developed into a mobile-first company, with 75% of business being done via the Vinted iOS and Android apps.
Justas Janauskas, co-founder and CEO of Vinted, said: “Vinted was born out of a simple desire to provide a marketplace for girls in Vilnius to swap clothes with one another. The concept quickly went viral, attracting immediate registrations and then partners who wanted to take the business to neighbouring countries.”
With over 3 million users, the company has implanted in seven markets: the U.S., Germany, France, Austria, Poland, Czech Republic and Lithuania. But new markets are on the horizon as Vinted gears up for an imminent launch in the UK in the coming months.
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