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Lithuania Startup Vinted Gets Funding

The company has attracted $40 million in two venture capital rounds, and just got another $27 million in series C financing, most of it from German billionaire Hubert Burda and his media empire. Read to know more.<br>

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Lithuania Startup Vinted Gets Funding

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  1. German Media Billionaire Hops On Lithuania Start-up Bandwagon In $27 Million Deal Forget Unicorns, that cutesy word tech writers like to use when describing new start-ups. Lithuanian-born Vinted.com isn’t a fairy tale creature. It’s a real living and breathing entity, located in the far away city of Vilnius. The company is the brain child of co-founder Milda Mitkute, and it runs on the tech talents of her business partner Justas Janauskas. The company has attracted $40 million in two venture capital rounds, and just got another $27 million in series C financing, most of it from German billionaireHubert Burda and his media empire. The venture capital deal included New York-based Insight Venture Partners and Monaco-based VC firm Accel. This latest round brings the total amount of venture capital Vinted has raised since 2013 to $60.6 million, making it Lithuania’s poster child of start-up success. “Vinted’s business model is perfectly scalable and will work in practically any country,” says Martin Weiss,Hubert BurdaMedia’s managing director. “We think Vinted can benefit from Burda’s focus on digital media and the international media market.”

  2. Burda owns a number of lifestyle magazines in Europe, including Elle and InStyle. Vinted is an online clothing exchange, where mostly young woman under the age of 25 are selling “pre-loved fashion” (Justas words, or maybe Milda’s) at a discountwhile chatting up style trends, pop culture and boyfriend problems. Outfit help: Quick!That’s Vinted forum style. Vinted has laid out a welcome mat for girl’s looking for on-the-go or go-to fashion advice. The consultations are free, but the clothing recommendations come with a price that’s helped attract investors.

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