Vinted, a secondhand consumer-to-consumer (C2C) marketplace in Europe, has completed a €340m ($366.8m) secondary share sale, bringing its valuation to €5bn ($5.4bn).

The secondhand platform believes that the transaction, spearheaded by global asset management firm TPG, reflects its strong position and future potential in the booming secondhand fashion market.

With this funding, Vinted aims to accelerate its mission of making secondhand fashion the preferred choice for consumers worldwide, while diversifying the platform’s investor base with new expertise and rewarding its employees and early investors for their contributions to its success.

The investment was made through TPG’s Tech Adjacencies (TTAD), a strategy dedicated to providing flexible capital solutions to the technology industry with investment.

Other major investors, including Hedosophia, Baillie Gifford, Invus Opportunities, FJ Labs, Manhattan Venture Partners, and Moore Strategic Ventures, also joined the round. Notably, Vinted’s original institutional investors remain committed to the company’s growth trajectory.

Vinted explained that in just two years, since its last fundraising round, its valuation has soared from €3.5bn to €5bn, alongside achieving full profitability. With a 61% revenue increase in 2023 and a double-digit EBITDA margin, Vinted believes it has cemented itself as Europe’s market leader, inspiring a shift toward sustainable fashion consumption.

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According to Vinted’s data, over a third (37%) of its users report that secondhand fashion makes up at least half of their wardrobes.

Vinted CEO Thomas Plantenga stated: “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 secondhand 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 secondhand fashion. Vinted shows it’s possible to have a successful, profitable business that positively impacts people, communities, and the environment.”

Vinted further shared it has leveraged its growth by expanding to new markets, including Finland, Greece, and Croatia, while enhancing its offerings with services like designer and luxury item verification in 10 countries and the addition of an electronics category.

The platform has also broadened its shipping services in the Netherlands, Belgium, and France and is advancing payment solutions under its recently acquired EMI license to ensure smoother transactions for its members.

TPG partner Andy Doyle highlighted Vinted’s role in popularising secondhand fashion, adding, “We’ve seen that consumers are increasingly choosing secondhand 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 served as Vinted’s financial advisor for the transaction, with legal support provided by Taylor Wessing and Cooley.

In May, Just Style examined Vinted’s success layer-by-layer to ascertain what was fuelling the growth of resale platforms.

GlobalData’s apparel analyst Louise Deglise-Favre noted at the time that Vinted’s success in 2023 amid economic struggles suggested a “strong” reliance on affordability and a broader trend towards embracing resale as a “viable” shopping avenue.