Vinted launches in Canada following 250 million euro fundraising
Second-hand fashion marketplace Vinted has launched in Canada weeks after raising 250 million euros in funding.
“To us, Canada is a great market fit, and an exciting next milestone on our mission to make second-hand fashion the first choice worldwide,” said Vinted CEO Thomas Plantenga [pictured] in a release.
The launch marks a turning point in Lithuania-headquartered Vinted’s growth strategy, which until now has focused its expansion on European markets.
Earlier this month, the company raised 250 million euros in a Series F funding round led by investment firm EQT Growth. The funding valued the business at 3.5 billion euros, up from the 1.1 billion euro valuation it was given in 2019.
It announced at the time it would use the money to expand to markets outside of Europe. Over a third of Canadians have already purchased pre-loved fashion items, while more than half of those who haven’t say they would consider buying or selling second-hand fashion online, according to research conducted by Vinted.
“We have been strengthening our presence in Europe these past years but our company’s mission has always been to promote and increase second-hand fashion across the globe,” Plantenga said.
“That includes offering this opportunity to more people also beyond Europe, as we feel we now have a solid user proposition, suitable to more markets. The expansion to Canada brings us one step further.”