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Vinted Secures TPG-Led Secondary Investment at Valuation of €5B, Reflecting Profitable Growth

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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.

View original content:https://www.prnewswire.co.uk/news-releases/vinted-secures-tpg-led-secondary-investment-at-valuation-of-5b-reflecting-profitable-growth-302284957.html

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AIS Advances Core Network Resilience and Efficiency to Achieve Zero Service Outage

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DUBAI, UAE, Oct. 23, 2024 /PRNewswire/ — On September 11, 2024, the 9th 5G Core Network Summit, hosted by Informa Tech in Dubai, brought together global industry leaders and technical experts to discuss cutting-edge topics such as 5G SA, voice, telco cloud, autonomous networks, and 5.5G core networks. Noppadon Poungsri, Head of Core Network Planning and Operation at AIS Thailand, delivered a keynote speech titled “Building a High-Resilience, High-Efficiency Core Network” and shared AIS’s strategies for improving core network reliability and efficiency in a media interview with Informa.

As the largest mobile communications operator in Thailand, AIS builds the best 5G network and provides a wide range of services, including mobile, fixed network home broadband, enterprise network, and digital services. With superior 5G network covering over 95% of the population, 5G subscribers increased to 10.6 million.

Noppadon emphasized that the evolution of cloud-native technologies has increased the complexity of core networks, making them more prone to reliability and efficiency issues. To address these challenges, AIS continues to invest in network resilience and proposes a Network Resilience strategy to achieve the strategic goal of Zero Service Outage in three years. Currently, AIS’s network resilience strategy is centered around three key areas: risk prevention, network visualization, and service recovery.

In terms of risk prevention, AIS has introduced the MDAF signaling storm prevention and control solution. This solution enables routine, automated simulations of network status to identify potential risks in advance. By transitioning from a passive O&M approach to a proactive prevention strategy, AIS can stay ahead of potential issues and ensure business continuity.To enhance network visibility, AIS introduces the MDAF-based cloud-network visualization solution. This innovative solution enables five-layer topology visualization and analysis of complex cloud core networks, allowing AIS to quickly detect network faults.Regarding the target of service recovery within 30 minutes, AIS implements solutions such as bypass and localization to guarantee that 70% of users remain connected during transport network disruptions. This approach allows users to continue using essential data services and VoLTE voice services.

Additionally, Noppadon emphasized the importance of network efficiency. AIS has developed an autonomous network strategy to enhance the intelligence and automation of its networks. This initiative aims to facilitate AIS’s transformation from a traditional communications service provider into a cognitive technology company.

In the future, AIS will maintain its focus on enhancing the reliability and efficiency of its core network, while actively integrating industry-leading technologies such as AI. For instance, AIS plans to develop a cross-domain digital twin network and implement the Telecom Foundation Model to transform its O&M processes. The goal is to gradually achieve zero service outage and advance towards Level-4 autonomous networks.

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Final Day of Global Health Exhibition Celebrates the Next Generation of Health Innovators

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Exhibition concludes with 105,000 attendees confirmed over three daysWinner of prestigious Vision NextGen startup competition revealed as X-Genome, an innovative biotech business focused on educationLatest deals and MoUs announced on site totalling USD 13.3bn – including a cooperation agreement between the Health Holding Company and Huawei and a partnership between the Council of Health Insurance and the Johns Hopkins CenterLeaders’ Summit presented a visionary look at the state of global healthcare in 2040 – including the emergence of advanced robotics and AI as central to mainstream healthcare deliveryFocus on women’s health saw leading experts discuss increasing the value healthcare services bring to women in multiple countries, with themes of technology, mental health and accessibility to services

RIYADH, Saudi Arabia, Oct. 24, 2024 /PRNewswire/ — On its final day, Global Health Exhibition turned its focus to a new generation of health technology innovators with the winner of the event’s Vision NextGen competition announced as local biotech business X-Genome. A series of Memorandums of Understanding (MoU) signings and the future of women’s health, brought the Exhibition to a successful conclusion.  

X-Genome is the first genomics training facility for health and scientific professionals in Saudi Arabia, delivering world class educational programs in molecular genetics and cancer cell diseases with the goal of equipping a new generation of professionals to support patients with future technology. 

The third day marked the establishment of fresh MoUs, partnerships and deals totalling USD 13.3bn. These included a cooperation agreement between the Saudi State-owned Health Holding Company and Huawei, as well as a partnership agreement between the Council of Health Insurance and the Johns Hopkins Center.

MoUs were signed between the Saudi Arabia Ministry of Health and Ascend Solutions, AlRamz Medical Company and GSK.

In addition, an attendance of more than 105,000 was confirmed over the three days of Global Health Exhibition, representing 35,000 people per day. The Exhibition also saw a 72 percent increase in international attendance from over 138 countries. It featured 1,240 exhibiting brands, four times more than last year, with more than fifty percent of those brands being international.

The future of women’s healthcare was also a highlight on day three, under the heading ‘Wellness and Beyond’. Sessions highlighted the under representation of women in clinical studies and research as well as significant gaps in access to screening for certain cancers. Also noted was the growing global challenge to redesign health systems to meet the mental health needs of women and the role of emerging technologies to achieve this.

“In disease prevention for women, there is not enough being done to provide cancer screening,” said Dr Ritu Garg, Chief Growth & Innovation Officer, Fortis Healthcare

“We are seeing an explosion in cancer cases worldwide. Beyond this, mental health issues are likely to reach epidemic proportions in the coming years. We require scaleable, technology-driven solutions to meet this challenge.”

Looking further ahead, the Leaders’ Summit considered the state of healthcare services in 2040 and how recognized health challenges today are projected to grow exponentially.

“We are looking at a world with five billion chronic disease patients in 2040, from a global population of eight billion,” said Reenita Das, Partner, Senior Vice President, Healthcare & Life Sciences, Frost & Sullivan.

“In the connected age, what’s needed are personalized digital tools, which support what I term the ‘IKEA-ization of healthcare’. This means, a world where every individual becomes the CEO of his or her health to manage their own wellbeing, utilizing apps and wearables – turning patients into consumers.

“We are on the road to curing cancer, in the same way that we have collectively all but eradicated HIV, but other threats remain on the horizon, including new infectious diseases and ‘super bugs’, which will continue to proliferate around the world. Advanced technology has a role to play here too, with AI becoming ubiquitous.”

The Digital Health Forum included a panel on harnessing the power of digitized data for enhanced patient care.

“In 2024, a live-stream connected King Faisal Hospital with 600 cardiac surgeons at 300 hospitals virtually, as I performed complex robotic procedures,” said Prof Feras Khaliel, Consultant, Cardiac Surgery, King Faisal Specialist Hospital and Research Center.

“It was an educational tool. Surgeons were not only observing but in constant communication to ask questions. We have made advances, not only in diagnosis and treatments, but in 3D monitoring for the patient during surgery.”

Global Health Exhibition Foundation Partner Lean also commented on the event:

“Lean is thrilled to be part of Saudi Arabia’s groundbreaking journey in innovation towards a healthier nation,” said Hisham Al-Falih, Co-founder and CEO, Lean. “We’re excited to share how our cutting-edge solutions are reshaping healthcare, easing access to and powering a healthier, tech-driven future for the Kingdom.”

“Cultivating the next generation of healthcare talent is a defining goal of Global Health Exhibition, and the exceptional skill and ability shown across the high number of entries to the Vision NextGen competition gives us confidence we are in safe hands,” said Rachel Sturgess, Group Director, Tahaluf.

“Global Health Exhibition 2024 featured 1,240 exhibiting brands, four times more than last year, with more than fifty percent of those brands being international. The show has doubled in size, to 80,000 square meters, the size of 11 football fields.”

View original content:https://www.prnewswire.com/news-releases/final-day-of-global-health-exhibition-celebrates-the-next-generation-of-health-innovators-302285762.html

SOURCE Global Health Exhibition

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Sunwoda Energy and Gryphon Energy Forge Partnership for 1.6GWh Energy Storage Project in Australia

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MELBOURNE, Australia, Oct. 24, 2024 /PRNewswire/ — Sunwoda Energy has signed a partnership and collaboration agreement with Gryphon Energy during the All-Energy Australia 2024 event, committing to a significant 1.6GWh energy storage project. The signing ceremony featured Rob Mailler, Director of Gryphon Energy, and Terry Yuan, General Manager of Global Business of Sunwoda Energy.

Located in Queensland, this project will become one of Australia’s largest energy storage initiatives, with delivery, grid connection, and operation expected in 2026. Upon completion, it will greatly enhance the stability, reliability, and flexibility of both the state and national power grids.

Given the project’s massive scale and complex management, there are high demands for grid support and operational services. To meet these challenges, Sunwoda Energy will implement its advanced NoahX 5MWh liquid cooling energy storage system, featuring the company’s self-developed 314Ah cells, and leverage industry-leading Reverse DC Coupling technology. This approach will provide tailored energy storage solutions, ensuring the project’s high-quality delivery.

As a global leader in integrated energy storage solutions, Sunwoda Energy is committed to expanding its presence in international markets, with Australia being a primary focus. Earlier this year, in August, Sunwoda Energy successfully connected a 5MW/11MWh project in New South Wales to the grid. This project, recognized as one of Australia’s most representative solar-storage demonstration plants, has significantly improved the flexibility of photovoltaic generation, offering innovative and cost-effective solutions for local energy storage initiatives.

The collaboration between Sunwoda Energy and Gryphon Energy marks a significant step toward jointly developing the energy storage market in Australia, with a commitment to providing safe and reliable power storage system solutions for Australian customers. This agreement is not only a milestone in the partnership but also provides momentum and support for global energy development. In the future, both parties will continue to deepen their collaboration, contributing to the sustainable development of global clean energy.

About Sunwoda Energy

As a subsidiary of Sunwoda Group, Sunwoda Energy specializes in comprehensive energy storage solutions, including network energy, residential/C&I/utility ESS, and smart energy solutions. Sunwoda offers integrated Source-Grid-Load-Storage-Cloud solutions, with comprehensive services covering sales, investment, construction, and operational management across the entire product lifecycle.

CONTACT: Zeng Edward, zengqinghua@sunwoda.com

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SOURCE Sunwoda Energy

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