We have been extraordinarily fortunate to have had a front-row seat to Vinted's outlier trajectory over the past five years. One of the greatest challenges facing European entrepreneurs is that they must almost always "go international" from day one. Vinted has not only met that challenge, it has built an expansion playbook that has made it stronger. Since our investment, Vinted has successfully expanded into 10+ countries (25+ markets in total), extended beyond fashion into new categories, and built both a shipping and payments business, all while hiring and retaining exceptional talent. In 2025, Vinted surpassed €10bn in GMV, growing close to 50% while continuing to expand profitability.

Given Vinted’s performance and the enormous size of the opportunity ahead, it was no tough choice to decide to double-down on the latest investment opportunity. Vinted is a great example of a technology company building and growing a category through the rare combination of exceptional execution and an entrepreneurial spirit. Pragmatism combined with a very high level of ambition to transform second-hand into our first choice, a noble cause that benefits the planet.

Vinted’s round was €880m in secondary share transactions and extremely oversubscribed. As private companies are staying private for longer the secondary markets are now absorbing billions in supply. With everything happening in AI, including more value accruing to those successfully deploying it, we believe power laws will be compounded with winners becoming even larger. Secondary transactions like this allow companies to provide liquidity to employees and early investors, while continuing to operate with a long-term focus.

At EQT, we mean it when we say we are long-term investors and are extremely excited to continue to partner with giants like Vinted. The opportunity ahead remains significant. Second-hand commerce continues to grow, supported by shifts in consumer behaviour, sustainability, and cost awareness. With its unique and scaled marketplace, supported by its logistics and payments businesses, Vinted is uniquely positioned to continue compounding and grow at scale for years to come.