tech news

Green’s in fashion as Lithuanian used clothes site joins US$1bil club

VILNIUS: Vinted, an internet market for second-hand garments, has surfed a sustainable trend wave to grow to be Lithuania’s first know-how startup to succeed in “unicorn” standing with a valuation of over US$1bil (RM4.17bil).

The corporate, created in 2008 as one founder wished to offer away surplus garments after shifting to a brand new home, is rising quickly as the style trade comes underneath rising scrutiny for fuelling a throwaway tradition.

In an indication of the instances, Anna Wintour, the editor of Vogue and one of the highly effective voices in trend, advised Reuters the trade wanted to pursue extra sustainability and that fashionistas ought to care for his or her garments and cross them on.

Vinted stated almost €1.3bil (RM5.97bil) value of reused clothes would change palms on its platform this yr.

“We’re approaching an inflection level out there for second-hand trend. Shoppers around the globe have gotten more and more acutely aware of their shopping for selections,” chief government Thomas Plantenga stated.

Vinted stated on Thursday newest funding spherical had raised €128mil (RM587.98mil), valuing the corporate at greater than €1bil (RM4.59bil). The most recent funding was effectively above the €50mil (RM229.68mil) raised in a earlier spherical in August 2018.

US-based enterprise capital agency Lightspeed Enterprise Companions led the spherical, with participation from present backers akin to Sprints Capital, Perception Enterprise Companions, Accel and Burda Principal Investments.

The funds will probably be used for additional growth in Europe, in addition to for doubling its product and know-how groups to 600 individuals, the corporate stated. It now has 25 million customers in 11 European nations together with France, Germany, Spain, and the Netherlands, in addition to in the US.

With Vinted, the Baltic states area of Estonia, Latvia and Lithuania have spawned a 3rd of all tech unicorns ever created in central and japanese Europe, akin to ride-sharing service Bolt and cash switch firm TransferWise, in keeping with a November 2019 report by funding monitoring agency

Skype, now a part of Microsoft, and playing software program maker Playtech, have been additionally based in Estonia. – Reuters

Article kind: free

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