Lithuania get its 1st 'unicorn' startup

Online second-hand clothing marketplace Vinted has raised 128 million euros in a funding round, making it Lithuania's first "unicorn", a startup company valued at over 1 billion euros.

The new round was led by Lightspeed Venture Partners, a new investor in Vinted, the company said on Thursday.

Existing investors – Sprints Capital, Insight Venture Partners, Accel and Burda Principal Investments – also participated in the round.

Vinted will use the money to develop its technological platform and to accelerate its expansion and growth in Europe.

The company plans to double its product and technology teams. It currently employs over 300 people, with most of the new positions planned in Lithuania where it is headquartered.