Vinted raises $27 million in Series B
Vinted is a social and mobile marketplace that has raised $27 million in Series B funding led by Insight Venture Partners with participation from Accel Partners. The funding will be used for expanding in the U.S. and focusing on product development. Vinted will be scaling up their user growth, double development capacity, and build their team in Lithuania.
Vinted has around 3 million members and 14 million listings. Vinted is available on iOS and Android in 7 markets including the U.S., Germany, France, Austria, Poland, Czech Republic and Lithuania.
“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. We quickly realised we had to redefine consumption worldwide and make second-hand clothing a first choice in a social way. We are excited to continue our expansion and deepen our focus on delivering the most dynamic experience for our members,” stated Justas Janauskas, co-founder and CEO of Vinted.