Vinted, the Lithuanian startup which has become one of Europe’s best-known second-hand marketplaces, has hit profitability for the first time.
In its annual report, the company says its revenue hit €596.3m in 2023, up 61% year on year. It also posted a net profit of €17.8m in 2023, up from a net loss of €20.4m in 2022. Adjusted EBITDA reached €76.6m.
The Vilnius-based company is backed by some of the world’s leading VC firms, including Accel, Lightspeed, EQT and Insight Partners. It has raised a total of $532m and, at last count, had a €4.1bn valuation, according to Dealroom. At the end of 2023, it also secured a €50m revolving credit facility from BNP Paribas and ING Bank, for potential future investment or expansion opportunities, including M&As.
Many speculate that Vinted might be on the way to an IPO: in an interview with Sifted a year ago, Thomas Plantenga, the company’s CEO, said that the scaleup was already “IPO-ready” — but was not in a rush to list.
Vinted is present in dozens of markets in Europe and North America. Last year, it expanded to Denmark, Finland and Romania.
It’s also been branching into luxury fashion after acquiring designer second-hand specialist Rebelle in 2022 — and has been developing a service to verify if luxury items are genuine.
Vinted has also been developing its shipping service, Vinted Go. It will continue investing strongly in that branch of the business this year, particularly in France, Belgium and the Netherlands, it said in a statement.
In 2023, the average monthly number of employees rose by a third to 1743, with the majority employed in Lithuania. Today, the company employs more than 2000 people.
