- Secondary share sale of €340 million to a group of new
investors, including TPG and Hedosophia, recognises employee
contribution to Vinted becoming a leader in Europe.
- The transaction values Vinted at €5 billion and brings in
new investors for the next phase of growth.
- In 2023, Vinted delivered 61% revenue growth and reached
profitability, while investing for the future.
LONDON, Oct. 24,
2024 /PRNewswire/ -- Vinted, Europe's leading second-hand C2C marketplace
focused on fashion, has closed a secondary share sale of €340
million at a valuation of €5 billion.
The transaction, led by TPG (NASDAQ: TPG), a leading global
alternative asset manager, validates Vinted's opportunity and
progress in developing and growing the second-hand market globally.
It also diversifies the company's investor base with new expertise
and rewards its employees and early investors for their
contributions to Vinted's success.
TPG Tech Adjacencies (TTAD), TPG's strategy dedicated to
providing flexible capital solutions to the technology industry, is
funding the investment. Other major investment funds including
Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs,
Manhattan Venture Partners, and Moore Strategic Ventures also
participated. All of Vinted's existing institutional investors
remain invested in the company.
In 2021, at the time of Vinted's last fundraising round, the
company had a pre-money valuation of €3.5 billion. Since then,
Vinted has increased its gross merchandise value (GMV) by more than
3.5x and has become fully profitable. In 2023, the company
delivered revenue growth of 61% and had a double-digit EBITDA
margin.* Vinted has become the European leader in its field,
encouraging people to adopt new consumption habits and today, more
than a third (37%) of Vinted members say that second-hand makes up
at least half of their wardrobe.**
This growth has been enabled by Vinted's rigorous focus on
ensuring its members get excellent value at the lowest possible
cost. In the last year alone, Vinted marketplace expanded in
existing markets, and launched into new markets including
Finland, Greece and Croatia. The company also launched a new
verification service to help members trade designer and luxury
fashion items more safely. This feature is now live in 10
countries.
In recent weeks, Vinted has begun the roll-out of a new category
for electronics. And in parallel, the company has successfully
expanded its shipping business in the
Netherlands, Belgium, and
France. Vinted's payments business
has acquired an EMI license and is working on solutions to improve
how members transact on Vinted.
Thomas Plantenga, CEO of
Vinted, said: "We're delighted to welcome new
investors with the experience to support us through our next phase
of growth, while continuing to benefit from the expertise of our
long-term backers. TPG and our other new investors share our
vision: to make second-hand the first choice, worldwide. We're also
delighted that this share sale rewards our employees for their
dedication in making Vinted a success.
We are incredibly proud to have built a product that our
members love to use, and that has created a market for second-hand
fashion. Vinted shows it's possible to have a successful,
profitable business that positively impacts people, communities,
and the environment."
Andy Doyle, Partner at TPG,
said: "We've seen that consumers are increasingly choosing
second-hand as a core part of their wardrobe, as sustainability and
flexibility become top of mind for many people. Vinted's customer
focus, leading product experience, and sophisticated approach to
logistics have made this market accessible to an even broader
population. We are excited to partner with Thomas and his team of
world-class operators and to count Vinted among our growing
portfolio of leading European tech businesses."
Morgan Stanley & Co. International plc served as financial
advisor and placement agent for the transaction. Taylor Wessing and Cooley provided legal advice
to Vinted.
*April 29, 2024 (Vinted delivers
strong year of growth and reaches profitability, while investing
for the future )
** According to Vinted's Impact Report, released in June 2024
About Vinted
Vinted Marketplace is Europe's leading international online C2C
marketplace dedicated to second-hand fashion and more. With a
mission to make second-hand the first choice worldwide, Vinted
enables people to sell and buy second-hand clothes and lifestyle
items from each other, helping give those items a second or even
third life.
Vinted was founded in 2008 in Lithuania and in 2019 became the country's
first Unicorn.
Today Vinted is still headquartered in Vilnius, with offices in Lithuania, Germany and the
Netherlands, and over 2,000 employees. Its backers include
Accel, EQT Growth, Insight Partners, Lightspeed Venture Partners
and Sprints.
About TPG
TPG is a leading global alternative asset management firm,
founded in San Francisco in 1992,
with $229 billion of assets under
management and investment and operational teams around the world.
TPG invests across a broadly diversified set of strategies,
including private equity, impact, credit, real estate, and market
solutions, and our unique strategy is driven by collaboration,
innovation, and inclusion. Our teams combine deep product and
sector experience with broad capabilities and expertise to develop
differentiated insights and add value for our fund investors,
portfolio companies, management teams, and communities. For more
information, visit www.tpg.com.
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