Consumer-to-consumer (C2C) clothing platform Vinted has hit a €3.5 billion valuation following a €250 million Series F funding round.

Vinted, which currently reports 45 million users, allows consumers to upload their own clothes to sell or to buy those of others.

Users don’t pay fees for listing, but Vinted takes a cut that is either between 3 per cent and 8 per cent of the cost of an item, or a small direct cut between £0.03 and £0.08, depending on the price.

Founded in 2008 and headquartered in Vilnius, Lithuania, Vinted operates in over 10 markets and says it is the largest online C2C marketplace in second-hand fashion across Europe.

The valuation is almost triple the €1.1 billion it achieved after its last funding round in November 2019, where it raised €128 million and became Lithuania’s first Unicorn.

The round was led by EQT Growth, an investment company specialising in the Nordics, German speaking countries and private equity deals.

Previous investors Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners, and Sprints Capital also participated in the round.

The consumer-to-consumer model gained popularity over the pandemic, in March research from eBay found that 81 per cent of British customers had bought second-hand goods over the past 12 months.

"We want to replicate the success we've built in our existing European markets in new geographies and will continue investing to improve not only our product, but also to ensure we continue having a positive impact,” said Thomas Plantenga, chief executive at Vinted. “We are grateful to our existing and new investors and believe today's milestone is a vote of confidence in our commitment to the circular economy and our relentless effort to build a business that encourages more people to buy and sell second-hand."

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