Easy to use online platforms where people can sell items that they no longer need or buy used ones at a lower price have spawned across the world. Nearly every country has its own online marketplace for secondhand clothes. In Finland, tools like Tori, Emmy, Zadaa, Facebook Marketplace and alike, offer plenty of options for clearing out your closet. However, they might face fierce competition from Lithuania in the near future.
Vinted, a company from Vilnius, attracted over 128-million euros in funding and is considered to be among the most valued start-ups in the Baltics. The latest round led by Lightspeed Venture Partners, with the participation of Sprints Capital, Accel Partners, Burda Principal Investments, and Insight Venture Partners, brought the company valuation to €1 billion.
Although the app is not yet available in the Nordics, the company intends to use the funds to accelerate product development and growth across Europe in the near future.
Vinted story goes back in 2008 when Milda Mitkute and Justas Janauskas co-founded Vinted in Vilnius, Lithuania. Their first MVP was essentially a website for trading their clothes. After successful validation in the home country, the team expanded its business to Germany, and eventually in the US. Today, Vinted employs over 300 people across its officed in Vilnius, Berlin, Warsaw, and Prague.
If you are curious to hear Milda Mikute’s founder story first hand, head over to Tartu for sTARTUp Day on January 29-31, 2020. General admission tickets are available till December 20th, then the prices will go up.