Vinted, the Lithuania-based used clothing and item marketplace founded in 2008, received 128 million euros ($141 million at the time of publication) in a Series E funding round from Lightspeed Venture Partners and other investors, according to Lightspeed's announcement published on Nov. 28.
According to the platform's website, Vinted operates in 12 different markets: Spain, France, Luxembourg, Belgium, the Netherlands, Germany, Austria, the Czech Republic, Poland, Lithuania, the U.K. and the U.S. Vinted is estimated to facilitate the exchange of 1.3 billion euros worth of merchandise this year alone.
Per Lightspeed's post on Medium, the investment round allowed the venture capital firm, which has also invested in Stitch Fix, Bonobos and Rothy's, to expand into Europe.
In its funding announcement, Lightspeed praised Vinted's ability to survive during economic ups and downs, and its sustainable appeal to consumers.
"Vinted has that rare combination of a world-class team with impressive ability to execute, one of the most amazing products we have seen that surpasses many social networks by time spent, a passionate and highly engaged member base, and unstoppable macro trends in consumer behavior," the firm wrote in its post published on Medium.
Lightspeed and the other Vinted investors are the latest to jump into the emerging resale market, which has been gaining popularity over the years. ThredUp, another secondhand retail platform, estimated in March that the resale market would reach $51 billion by 2023.
To snap up territory within the resale sector, traditional retailers have teamed up with resale players. Macy's partnered with ThredUp to sell used apparel within 40 brick-and-mortar stores, followed by J.C. Penney, which partnered with the company to sell used apparel in 30 of its own stores. The Kardashian-Jenner family also announced in October that they were launching Kardashian Kloset, which allows consumers to shop for apparel featured in their wardrobes. Plus, Burberry announced a collaboration with The RealReal, and Ralph Lauren is weighing resale and rental options of its own. Even Goodwill introduced a partnership with OfferUp to sell used goods.
Lightspeed isn't the only investor looking to profit from the resale market. The RealReal has scrambled to defend its authentication procedures and fend off counterfeit sale complaints from Chanel, but the luxury consignment retailer still raised $300 million during its Nasdaq debut in June.