Secondary share sale of €340 million to a group of new investors, including TPG and Hedosophia, recognises employee contribution to Vinted becoming a leader in Europe.The transaction values Vinted at €5 billion and brings in new investors for the next phase of growth. In 2023, Vinted delivered 61% revenue growth and reached profitability, while investing for the future.

LONDON, Oct. 24, 2024 /PRNewswire/ — Vinted, Europe’s leading second-hand C2C marketplace focused on fashion, has closed a secondary share sale of €340 million at a valuation of €5 billion. 

The transaction, led by TPG (NASDAQ: TPG), a leading global alternative asset manager, validates Vinted’s opportunity and progress in developing and growing the second-hand market globally. It also diversifies the company’s investor base with new expertise and rewards its employees and early investors for their contributions to Vinted’s success. 

TPG Tech Adjacencies (TTAD), TPG’s strategy dedicated to providing flexible capital solutions to the technology industry, is funding the investment. Other major investment funds including Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners, and Moore Strategic Ventures also participated. All of Vinted’s existing institutional investors remain invested in the company.

In 2021, at the time of Vinted’s last fundraising round, the company had a pre-money valuation of €3.5 billion. Since then, Vinted has increased its gross merchandise value (GMV) by more than 3.5x and has become fully profitable. In 2023, the company delivered revenue growth of 61% and had a double-digit EBITDA margin.* Vinted has become the European leader in its field, encouraging people to adopt new consumption habits and today, more than a third (37%) of Vinted members say that second-hand makes up at least half of their wardrobe.**

This growth has been enabled by Vinted’s rigorous focus on ensuring its members get excellent value at the lowest possible cost. In the last year alone, Vinted marketplace expanded in existing markets, and launched into new markets including Finland, Greece and Croatia. The company also launched a new verification service to help members trade designer and luxury fashion items more safely. This feature is now live in 10 countries. 

In recent weeks, Vinted has begun the roll-out of a new category for electronics. And in parallel, the company has successfully expanded its shipping business in the Netherlands, Belgium, and France. Vinted’s payments business has acquired an EMI license and is working on solutions to improve how members transact on Vinted. 

Thomas Plantenga, CEO of Vinted, said: “We’re delighted to welcome new investors with the experience to support us through our next phase of growth, while continuing to benefit from the expertise of our long-term backers. TPG and our other new investors share our vision: to make second-hand the first choice, worldwide. We’re also delighted that this share sale rewards our employees for their dedication in making Vinted a success. 

We are incredibly proud to have built a product that our members love to use, and that has created a market for second-hand fashion. Vinted shows it’s possible to have a successful, profitable business that positively impacts people, communities, and the environment.” 

Andy Doyle, Partner at TPG, said: “We’ve seen that consumers are increasingly choosing second-hand as a core part of their wardrobe, as sustainability and flexibility become top of mind for many people. Vinted’s customer focus, leading product experience, and sophisticated approach to logistics have made this market accessible to an even broader population. We are excited to partner with Thomas and his team of world-class operators and to count Vinted among our growing portfolio of leading European tech businesses.”

Morgan Stanley & Co. International plc served as financial advisor and placement agent for the transaction. Taylor Wessing and Cooley provided legal advice to Vinted. 

*April 29, 2024 (Vinted delivers strong year of growth and reaches profitability, while investing for the future )

** According to Vinted’s Impact Report, released in June 2024

About Vinted

Vinted Marketplace is Europe’s leading international online C2C marketplace dedicated to second-hand fashion and more. With a mission to make second-hand the first choice worldwide, Vinted enables people to sell and buy second-hand clothes and lifestyle items from each other, helping give those items a second or even third life. 

Vinted was founded in 2008 in Lithuania and in 2019 became the country’s first Unicorn.

Today Vinted is still headquartered in Vilnius, with offices in Lithuania, Germany and the Netherlands, and over 2,000 employees. Its backers include Accel, EQT Growth, Insight Partners, Lightspeed Venture Partners and Sprints. 

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

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TIRANA, Albania, Oct. 24, 2024 /PRNewswire/ — Plug and Play, a leading global innovation platform with over 60 locations worldwide, announces today the launch of a new program in Tirana, Albania. With the support of the Albanian-American Development Foundation, in collaboration with Municipality of Tirana, Pyramid of Tirana, and sponsored by IDEMIA Smart Identity (ISI), this initiative is set to foster innovation and entrepreneurship across Albania. As part of the program, Plug and Play will host an annual, early-stage, industry-agnostic accelerator program in Albania, as well as a Global Overseas Acceleration & Learning (GOAL) program in Silicon Valley, providing opportunities for local startups.

The new accelerator program empowers young entrepreneurs in Albania to achieve their entrepreneurial goals, significantly advancing the country’s startup ecosystem and enhancing the broader entrepreneurial landscape across the Balkans.

“The launch of this accelerator program is a testament to Albania’s growing role in the global entrepreneurial landscape,” said Michael D. Granoff, Chairman of the Board of Trustees, Albanian-American Development Foundation (AADF). “At AADF, we have always believed in the potential of Albanian talent to innovate and drive impactful change. By partnering with Plug and Play, we are ensuring that Albanian startups not only gain access to local resources but also a global network that will help them scale and thrive in the international market. This is an important moment for Albania’s startup ecosystem, and we are proud to support initiatives that foster entrepreneurship and innovation in this country.”

The accelerator program offers entrepreneurs the chance to work closely with expert mentors, gain access to corporate partners, and participate in specialized industry events and workshops. With Plug and Play’s global network, startups will benefit from international exposure and vital connections. Throughout the program in Albania, participants will receive comprehensive guidance on crucial elements of startup success, including pitch development, business growth strategies, networking, and building relationships with investors and corporate relations.

In addition to the local accelerator, the top 10 most promising startups from each batch will have the opportunity to join the GOAL program in Silicon Valley. This 10-week immersive experience at Plug and Play’s headquarters will allow them to scale their products on a global stage, accessing Silicon Valley’s renowned ecosystem of technology partners, corporate collaborators, and investors.

“This is a momentous occasion for Albania and for Plug and Play,” said Saeed Amidi, Founder and CEO of Plug and Play. “We are committed to bringing the best of our global network to Tirana, providing Albanian startups with the resources, mentorship, and connections they need to thrive on the world stage. Albania has incredible talent and potential, and we’re here to help unlock that.”

The program has also gained strong support from the Albanian government, which recognizes the importance of accelerator programs in driving economic growth and fostering innovation.

“This accelerator program marks a new chapter in Albania’s journey towards becoming a hub for innovation and entrepreneurship in the Balkans,” said Blendi Gonxhja, Minister of Economy, Culture, and Innovation, Albania. “We are excited to partner with Plug and Play and AADF to offer Albanian startups the opportunity to connect with global mentors, investors, and industry leaders. This initiative aligns perfectly with our vision of fostering economic growth through innovation, and we believe it will serve as a catalyst for both local and regional development, empowering young entrepreneurs to turn their ideas into successful businesses.”

This partnership represents a significant step forward for Albania’s entrepreneurial ecosystem. By leveraging the combined resources and expertise of Plug and Play, AADF, and the Albanian government, the program will offer startups the support needed to scale effectively and position Albania as a key player in the regional business and technology landscape.

To learn more about the initiative, contact us today: press@pnptc.com.

About Plug and Play:
Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we’re present in 60+ locations across 5 continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we’ve invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. For more information, visit https://www.plugandplaytechcenter.com/. 

About AADF
The Albanian-American Development Foundation (AADF) is committed to supporting Albania’s sustainable development. Established in 2009 with the support of USAID and the U.S. government, AADF operates as a non-profit organization focused on driving impactful change.

Through strategic investments in education, leadership, technology, entrepreneurship, cultural heritage, and eco-tourism, AADF creates opportunities that empower communities across Albania. From revitalizing historic landmarks to fostering innovation and entrepreneurship, AADF is dedicated to advancing Albania’s social and economic progress and empowering its future leaders.

Media Contact

press@pnptc.com

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NEW YORK, Oct. 24, 2024 /PRNewswire/ — Sociaaal, the fast-growing mobile app studio that specializes in building, buying, and publishing non-gaming apps for Gen Z, is pleased to announce it has secured $4 million in financing from Braavo Capital. The funding will be used to focus on expanding their publishing unit to further scale the business, acquire more apps, and enhance marketing for their existing portfolio.

Founded in 2022, Sociaaal has quickly become a market leader with a portfolio of 20 apps and over 34 million downloads. With a focus on rapid app development, data-driven strategies, and refined user acquisition capabilities, Sociaaal successfully launches and monetizes new apps in less than one month. The company capitalizes on Gen Z’s demand for apps that deliver quick but meaningful and fun interactions, with apps like Litstick, which offers short, engaging content in the form of prank stickers.

This round of funding from Braavo Capital positions Sociaaal for further expansion, with the goal of doubling their size within the next year. The company also has plans to expand beyond social and entertainment apps into new categories like self-improvement, productivity, and wellbeing, already demonstrated by products like its AI-powered Dreamwise app that allows users to record and analyze their dreams.

“We are impressed with Sociaaal’s growth and are thrilled to lead this financing round,” says Mark Loranger, CEO of Braavo Capital. “Braavo’s $4 million commitment demonstrates our belief in their team’s vision and ability to execute.”

Sociaaal CEO Patrick Stuart-Constant reiterated the sentiment, “Braavo has been an invaluable partner throughout Sociaaal’s growth journey, and was a natural fit for this round of financing. Their ability to quickly understand Sociaaal’s growth potential made them an ideal partner for this critical phase of expansion.”

About Sociaaal

Founded in 2022, Sociaaal is the fast-growing mobile app studio that specializes in building, buying, and publishing non-gaming apps for Gen Z . The company has leveraged its expertise in rapid iteration, AI, and data driven strategies to reach over 34 million installs across its portfolio of 20 apps.

About Braavo Capital

Established in 2015, Braavo is the leading funding partner for the world’s most successful app businesses. Having facilitated over $1 billion in financing and supported over 8000 apps since inception, Braavo offers a range of financing, from on-demand receivables to multi-million dollar bespoke credit facilities.

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SOURCE Sociaaal