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European secondhand marketplace Vinted lands $27M to expand to US
Vinted has secured $27 million in its second round of funding. This is one of the largest rounds ever launched for a Baltic-based startup, according to TechCrunch.
The financing was led by Insight Venture Partners and Accel Partners. The fresh capital injection comes just over a year after Accel poured $6.6 million into the firm. Accel's investment was used to create a mobile app for the marketplace and bring Vinted's service to the US, the report detailed.
In September last year, the secondhand marketplace launched in the US after spending five years to expand in Europe. The company will use its new funding to develop its American business. Vinted will also beef up its team of 110 employees in San Francisco and in Lithuania, the report stated.
Vinted operates the brands manodrabuziai.it, kleiderkreisel.de, and vovtocvohoz.cz in Lithuania, Germany, and the Czech Republic respectively. However, the company will consolidate these brands under the name Vinted. To date, the firm has 3 million members worldwide with 14 listings being managed from its headquarters in Europe and the US. The company uses a mobile app to manage the said listings, TechCrunch reported.