Lithuanian secondhand marketplace Vinted has secured a secondary investment of €340m (£283m) at a valuation of €5bn (£4.17bn).
The marketplace said the investment, led by global alternative asset manager TPG, “validates Vinted’s opportunity and progress in developing and growing the secondhand market globally”.
During Vinted’s last fundraising round in 2021, the company had a pre-money valuation of €3.5bn (£2.9bn).
It has since become fully profitable and in 2023, Vinted saw revenue growth of 61%.
Over the last year, the Vinted marketplace has expanded into existing markets and launched in Finland, Greece and Croatia.
Moving beyond just fashion, the online marketplace has also started rolling out a new category for electronics and expanded its shipping business in the Netherlands, Belgium and France.
TPG Tech Adjacencies, TPG’s strategy for offering flexible capital solutions to the technology industry, is funding the investment.
Major investment funds such as Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners and Moor Strategic Ventures also took part, with Vinted’s existing institutional investors remaining invested in the company.
Vinted chief executive Thomas Plantenga said: “We’re delighted to welcome new investors with the experience to support us through our next phase of growth while continuing to benefit from the expertise of our long-term backers.”
“TPG and our other new investors share our vision: to make secondhand the first choice, worldwide. We’re also delighted that this share sale rewards our employees for their dedication to making Vinted a success.
“We are incredibly proud to have built a product that our members love to use, which has created a market for secondhand fashion. Vinted shows it’s possible to have a successful, profitable business that positively impacts people, communities, and the environment.”
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