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PARIS — Clothing resale platform Vinted will expand into new categories, including electronics, as second-hand continues to pick up speed.
This comes as the venture-backed marketplace has closed a secondary share sale of 340 million euros. The round was backed by asset manager TPG’s tech-focused capital arm Tech Adjacencies and valued the company at 5 billion euros, up from a 3.5-billion-euro valuation during its last funding round in 2021.
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Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners, and Moore Strategic Ventures also joined the round. Early investors Accel, EQT Growth, Insight Partners, Lightspeed Venture Partners and Sprints remain on board.
Electronics will be the first expansion category, with books, toys and video games set to roll out in the future.
The Berlin-based company with upward of 80 million members saw 61 percent revenue growth to 596 million euros in 2023, and it crossed the profitability threshold with 18 million euros in net profit at that time. Since then, rumors of an impending IPO have swirled the company.
The new cash infusion will support the company’s next phase of growth, said Vinted chief executive officer Thomas Plantenga.
“TPG and our other new investors share our vision: to make secondhand the first choice, worldwide,” he said. “We are incredibly proud to have built a product that our members love to use, and that 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.”
“We’ve seen that consumers are increasingly choosing secondhand as a core part of their wardrobe, as sustainability and flexibility become top of mind for many people. Vinted’s customer focus, leading product experience, and sophisticated approach to logistics have made this market accessible to an even broader population,” said TPG partner Andy Doyle.
Vinted is present in 22 European countries and has continued its expansion tear over the last year, launching its platform in Croatia, Denmark, Finland, Greece and Romania, as well as expanding its shipping business in the Netherlands, Belgium and France.
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