Vinted has raised €128 million (£108 million) in its latest funding round valuing the resale app at over €1 billion.
The fashion resale app’s funding round was led by Lightspeed Venture Partners, Sprints Capital, Insight Venture Partners, Accel and Burda Principle Investments.
Vinted, which was launched in Lithuania in 2008, has seen sales quadruple in the past 17 months and boasts 25 million registered users in 11 markets.
This marks a startling turnaround for the startup, which is now Lithuania’s first unicorn company, which was forced to fly in Thomas Plantenga in 2016 to prevent it going bankrupt.
“We changed the business model in 2016 to make the costs as low as possible for users to list clothes,” Pantenga, who remains the app’s chief executive, said.
“That produced a dramatic change in our growth trajectory.”
The funds are set to be used to expand Vinted’s presence across Europe by doubling its personnel in its product and tech teams and by building more features on its online platform.
Lightspeed’s partner Brad Twohig added: “At Lightspeed, we look for outlier management teams building generational companies. We’ve been impressed by the team’s ability to build an incredible product and value proposition for their community, and adapt and expand their business along the way.
“Vinted is defining its market and has built a global brand in C2C commerce and communities. We’re proud to partner with Vinted and leverage our global platform and resources to help them continue to build on their success and achieve their goals.”