The marketplace for second-hand clothes — the “circular economic” as it’s sometimes referred to as has been on the rise within the past few years, fuelled by economic crunches, a want to make more responsible and fewer wasteful trend choices, and a wave of digital platforms which can be bringing the promoting and shopping for of used clothes outside the charity store. At present, one of many bigger companies in Europe working within the third of those areas is announcing big funding to double down on the trend.
Vinted, a site the place consumers can promote and purchase second-hand trend has raised €128 million (around $140.9 million) in a round that’s being led by Lightspeed Venture Companions, with previous backers Sprints Capital, Insight Venture Partners, Accel, and Burda Principal Investments also participating.
The company goes to make use of the cash to continue expanding in Europe and building out extra options on its platform to improve the shopping for and selling process, whereas sticking to its objective of offering a platform for customers to list and purchase used fashion.
The corporate, extra particularly, went by way of some drastic changes. First, it clawed again plenty of its expensive international expansion strategy (and along with with that quite a lot of the prices related to it); and second, it removed all listing charges to encourage extra individuals to record.
E-commerce — specifically startups nipping on the heels of bigger players like Amazon and eBay by focusing on particular areas of the market that aren’t as well served by them — has had a bumper day in Europe, after brick-and-mortar market Trouva earlier at this time also raised a sizeable round.