of Lithuania vintado has secured a new valuation of 5 billion euros (around 5.4 billion dollars at the current exchange rate), after the second-hand fashion market closed a secondary sale of shares worth 340 million euros (367 million dollars).
The transaction was led by the private equity giant. TPGwith other new entrants including Baillie Gifford, FJ Labs, Hedosophia, Invus Alternatives, Manhattan Enterprise Companions and Moore Strategic Ventures. It's unclear how much Vinted's existing investors withdrew, but the company says all of its existing institutional investors, which include Accel, EQT, Perception Companions and Lightspeed Enterprise Companions, have retained at least some of their stake.
It is proving to be a banner year for secondary market transactions, particularly in Europe, as expanding companies look to free up liquidity for their employees and venture capitalists in a decidedly tepid IPO market. In just the last few months, we've seen neobanks Revolut and Monzo follow secondary market routes, achieving lofty valuations thanks to strong user growth and profitability.
Meanwhile, in the United States, fintech giant Stripe followed a similar path to unlock liquidity, reaching a private valuation of $65 billion in February, while continuing to delay a long-rumored initial public offering (IPO). time. This figure then jumped to $70 billion as Sequoia sought a larger stake from existing investors.
Vinted CEO Thomas Plantenga (pictured above) said the sale “rewards our employees for their dedication to making Vinted a success.” The company was valued at €3.5 billion ($3.8 billion) before cash for its previous €250 million Series F fundraising in 2021. Since then, it has gone from strength to strength. Reports record revenue growth of 61% in 2023 compared to the previous year and achieve profitability for the first time.
At the same time, Vinted has expanded geographically and is also extending beyond its core roots in fashion into the electronics space, a growth trajectory that led marketplace stalwart eBay to respond by eliminating seller fees on marketplaces. key Europeans.