Nov 3, 2024

Vinted, a Europe-based leading second-hand C2C marketplace focused on fashion, announced it has closed a secondary share sale of €340 million at a valuation of €5 billion. Other major investment funds including Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners, and Moore Strategic Ventures also participated. And all of Vinted’s existing institutional investors remain invested in the company. The deal, led by TPG (a leading global alternative asset manager), validates Vinted’s opportunity and progress in developing and growing the second-hand market globally. And it also diversifies the company’s investor base with new expertise and rewards its employees and early investors for their contributions to Vinted’s success. TPG Tech Adjacencies (TTAD), which is TPG’s strategy dedicated to providing flexible capital solutions to the technology industry, is funding the investment. A few years ago, during Vinted’s last fundraising round, the company had a pre-money valuation of €3.5 billion. And since then, Vinted has increased its gross merchandise value (GMV) by over 3.5x and has become fully profitable. In 2023, the company delivered revenue growth of 61% and had a double-digit EBITDA margin. Vinted This growth was enabled by Vinted’s rigorous focus on ensuring its members get excellent value at the lowest possible cost. And in the last year alone, Vinted marketplace expanded in existing markets, and launched into new markets including Finland, Greece and Croatia. Plus, the company also launched a new verification service to help members trade designer and luxury fashion items more safely – which is now live in 10 countries. In recent weeks, Vinted started the roll-out of a new category for electronics. And in parallel, the company successfully expanded its shipping business in the Netherlands, Belgium, and France. Plus, Vinted’s payments business has acquired an EMI license and is working on solutions to improve how members transact on Vinted. Morgan Stanley served as financial advisor and placement agent for the transaction. And Taylor Wessing and Cooley provided legal advice to Vinted. KEY QUOTES: “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 second-hand the first choice, worldwide. We’re also delighted that this share sale rewards our employees for their dedication in making Vinted a success.” “We are incredibly proud to have built a product that our members love to use, and that has created a market for second-hand fashion. Vinted shows it’s possible to have a successful, profitable business that positively impacts people, communities, and the environment.” – Thomas Plantenga, CEO of Vinted “We’ve seen that consumers are increasingly choosing second-hand 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. We are excited to partner with Thomas and his team of world-class operators and to count Vinted among our growing portfolio of leading European tech businesses.” – Andy Doyle, Partner at TPG Pulse 2.0 focuses on business news, profiles, and deal flow coverage.