Thomas Plantenga, CEO of Vinted, sits in the company’s headquarters in Vilnius, Lithuania November 25, 2019. Picture taken November 25, 2019. Vinted-Investment/Handout via REUTERS

Vinted, an online venue for people to buy and sell second-hand clothes, said on Wednesday it had raised $250 million from investors and would invest proceeds in expanding its operations in Europe and beyond.

The Lithuanian startup is one of a crop of firms promoting the so-called ‘circular’ economy, addressing concerns that buying new clothes online leads to waste in the form of packaging or outfits that are quickly discarded.

Vinted, which counts more than 45 million members globally, said the fund raising put a pre-money valuation on the business of 3.5 billion euros ($4.25 billion).

The Series F round was led by EQT Growth, with participation from Vinted’s previous lead investors: Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners and Sprints Capital, Vinted said in a statement.

($1 = 0.8228 euros)

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