Lithuania's sole tech unicorn Vinted expands to Canada

Lithuania's sole tech unicorn Vinted expands to Canada
By bne IntelliNews May 26, 2021

Vinted, Lithuania’s first and so far only tech unicorn and Europe's leading trade platform for second-hand clothes and accessories, announced on May 26 it is entering Canada, which will become the company's 14th market worldwide.

The company became Lithuania's first unicorn, a startup company valued at over €1bn, in November 2019.

"To us, Canada is a great market fit, and an exciting next milestone on our mission to make second-hand fashion the first choice worldwide," says Thomas Plantenga, CEO at Vinted. "We know that Canadians are increasingly interested in the circular economy or considering trading second-hand apparel in the next months, thus reducing their fashion footprint for the greater good."

Earlier this month, Vinted attracted another €250mn in investment, bringing the company's market capitalisation to €3.5bn.

The company aims to use the funds for expansion into new markets in Europe and beyond as well as for the improvement of its marketplace by investing in security, payments, delivery and infrastructure.

The startup, which now employs a workforce over 700, is headquartered in Vilnius and has offices in Berlin, Utrecht and Prague.