Europe has a new, on-trend tech unicorn. Vinted, an e-commerce platform for used clothing, just raised $140 million (€128 million), making it Lithuania’s first billion-dollar company as the global market for secondhand clothes continues to expand.
Vinted, founded in 2008, counts 25 million members on its platform across 12 countries including France, Germany, Lithuania, the U.K., Belgium, Spain and the U.S. The company employs 300 people.
The resale market may be worth $51 billion by 2023, according to figures by resale company ThredUp and data analytics company GlobalData.