Lithuanian second-hand clothes marketplace Vinted has been valued at €3.5bn (£3bn) at its latest funding round.
The online platform has just made €250mln (£214mln) through a fundraise led by EQT Growth, with previous backers Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners and Sprints Capital all taking part.
Vinted was valued at €1bn (£800mln) in 2019, TechCrunch reported, but its popularity has boomed during the pandemic with people looking to make extra cash or refresh their wardrobes while stuck at home.
The firm operates across 13 markets in Europe plus the US, counting 45mln users.
Listing items is free but Vinted takes a commission of 3-8% or a direct fee depending on the value of the garment.
The news comes after competitors ThredUp Inc. (NASDAQ:TDUP) and Poshmark Inc (NASDAQ:POSH) debuted the market in March and January respectively.
According to estimates compiled by ThredUp and GlobalData, the second-hand market is expected to hit US$64bn by 2024 from US$28bn in 2019.
Experts say this growth will be fuelled by consumers adopting more sustainable lifestyles and looking for ways to save money if hit financially by COVID-19.