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☆ Early Facebook investor Accel raises $650 million fund to back European and Israeli startups
▼ + stars: | 2024-05-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

AccelVenture capital firm Accel said Tuesday it's raised $650 million for its eighth fund targeted at investing in European and Israeli early-stage startups, in a sign the venture capital market may be showing signs of a recovery. "The environment has dramatically changed since then," Nelis told CNBC. Climate-focused VC firm World Fund closed a 300 million euro fund in March. "We're lucky that with DeepMind here in London and with Fair [Facebook AI Research] in Paris, there's at least two big centers that have great AI expertise," Nelis told CNBC. "My expectation is Europe is going to generate some really interesting AI application companies," Nelis told CNBC.

Persons: Harry Nelis, Sonali de Rycker, Andrei Brasoveanu, Luca Bocchio, Philippe Botteri, it's, Nelis, UiPath, Russia's, Wise, Magnus Grimeland, Grimeland, there's, Victor Riparbelli, Synthesia, Riparbelli Organizations: Accel, Accel Venture, Spotify, CNBC, Skype, U.S, Nvidia Locations: Europe, Israel, Lithuania, Romania, Ukraine, New York, U.S, London, Paris, Synthesia

☆ Gen Zers say they're hooked on fast fashion, but regret their Shein hauls when the 'high' wears off
▼ + stars: | 2024-05-03 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +5 min

Maddy Lane, a Gen Z TikToker, shared what it's like in a recent video, showing the detritus of her latest haul all over her bed. A survey of 1,000 people from January by the digital analytics platform Quantum Metric found that 64% of Gen Z respondents were buying more than they did last year. Contradictory to Gen Z beliefsCheap clothing hauls do not sit well with the much-discussed Gen Z passion for environmentalism. AdvertisementGaby Mendes, a Zoomer and founder of Talk Twenties, a media and events company for Gen Z, told BI she tries to avoid fast fashion but has her lapses. Gen Z was dubbed the "Depop generation" by Vogue Business, and makes up 90% of the app's user base.

Persons: —, Maddy Lane, Lane, Zers, ThredUp, Gen, TikTok, pang, Melanie Parncutt, Parncutt, Gaby Mendes, Gen Z, JADE GAO, Siena Barry, Taylor, There's Organizations: Service, Business, Bryant University, Otter Public Relations, Vogue Business, Barry Locations: cardigan

☆ Vinted cofounder Milda Mitkute shares the shopping app's path from 2 a.m. house party startup to $3.8B success
▼ + stars: | 2024-02-18 | by ( Polly Thompson | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on a conversation with Milda Mitkute, the cofounder of second-hand shopping app Vinted. But when you have 30,000 people on your site you need more servers and those invoices started going up to 200 euros. AdvertisementBut when we asked girls in Germany, France, and the US why they used Vinted, it was all about selling to earn some extra cash, authenticity, finding unique clothes, and consuming more sustainably. A life divided into projectsWhen you're young you think that the more you work, the more you're going to create. Mitkute stepped back from Vinted in 2017 and is no longer on the board but remains a shareholder.

Persons: —, Milda Mitkute, Vinted, Justas Janauskas, Justus, VIRGINIE LEFOUR, Getty, let's, Jonas Gratzer, Malvina, I've, It's, Mitkute Organizations: Service, Business, Vinted, Accel Partners, Facebook, Spotify Locations: Vilnius, Lithuania, Czech Republic, Germany, Soviet, France, Vinted

☆ This Yahoo spinout uses AI to help companies store and search data instantly. Check out the 12-slide pitch deck Vespa.ai used to raise $31 million.
▼ + stars: | 2023-11-01 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +2 min

Vespa.ai, a startup that spun out of Yahoo last month, has raised $31 million in Series A funding from Blossom Capital. The Norway-based startup has created an AI-powered platform that gives companies access to its search engine and vector database. A key problem that many companies face is having the infrastructure to store extensive amounts of data, and accessing it efficiently. The startup's cloud service and search platform can tap into this data in real time, giving companies responses or decisions almost immediately after a query has been put in. With the cash injection, the startup will ramp up its engineering functions, as well as its cloud services.

Persons: Jon Bratseth, We've Organizations: Yahoo, Blossom Capital, Fortune, Spotify Locations: Norway, London, Blossom

☆ H&M to sell second-hand clothes at London store
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 13 (Reuters) - H&M (HMb.ST) plans to sell second-hand clothes and accessories at its flagship store in London from Oct. 5, as pressure increases on fast fashion companies to curb their environmental impact by encouraging the reuse and recycling of garments. It will be the second H&M store to offer second-hand clothes, after Barcelona which opened earlier this year. H&M also has an online second-hand offering in Sweden and Germany. H&M launched a clothing rental service at its Regent Street store in November last year. Zara (ITX.MC) last week launched its online second-hand service in France, having trialled it in Britain since November last year.

Persons: Helen Reid, Alison Williams Organizations: European Union, M's, Regent, Thomson Locations: London, Cos, Monki, Barcelona, Sweden, Germany, Europe, United States, Zara, ITX.MC, France, Britain

☆ H&M to sell second-hand clothes at London flagship
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: +2 min

People passing a large scale sign for the high street clothes and clothing brand H&M outside their flagship store on the corner of Oxford Street and Regent Street. H&M plans to sell second-hand clothes and accessories at its flagship store in London from Oct. 5, as pressure increases on fast fashion companies to curb their environmental impact by encouraging the reuse and recycling of garments. It will be the second H&M store to offer second-hand clothes, after Barcelona which opened earlier this year. H&M launched a clothing rental service at its Regent Street store in November last year. Zara last week launched its online second-hand service in France, having trialed it in Britain since November last year.

Organizations: Oxford Street, Regent, European Union, M's Locations: London, United Kingdom, Cos, Monki, Barcelona, Sweden, Germany, Europe, United States, Zara, France, Britain

☆ The 'Barbie' movie could boost Mattel's stock prices and increase the price of old dolls in your closet, but avid Barbie collectors couldn't care less
▼ + stars: | 2023-07-15 | by ( Colette Fountain | ) www.businessinsider.com time to read: +9 min

Insider spoke to three Barbie collectors who seem unfazed by the potential rise in the dolls' worth. As a collector doing it for love, he told Insider those looking to make money should invest in other things. Antique expert Dr. Lori told Insider she estimates a 25% rise in the doll's value in the build-up to the film's release and immediately afterward. "There are too many elements to the concept of value, and it's rarely just about finance," Yang told Insider. Even if these Barbie collectors were looking to make a quick buck in Gerwig's box office weekend, selling Barbies isn't easy.

Persons: Greta Gerwig's, Jian Yang, Yang doesn't, Yang, Barbie, Margot Robbie, Ryan Gosling, MarketBeat, Lori, Hankwitz, Mattel, Tommy Hilfiger, Gigi Hadid, Calvin Klein, Juno, Teresa, Arjen, Queen Elizabeth, Tina Turner, It's, I've Organizations: Service, Google, Mattel, Warner, Air, Nike, billings, eBay Locations: Wall, Silicon, Singapore, Philadelphia, Netherlands, Poland

☆ Check out this $110 million tech campus being built in Lithuania — the largest in Europe
▼ + stars: | 2023-06-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The development, from Lithuanian infrastructure firm Tech Zity, is inspired by British renovation projects like the Battersea Power Station and Tate Modern art gallery. Tech ZityLithuania is building a huge tech campus — Europe's largest — in the capital of Vilnius, as it looks to become the new tech capital of the Baltics. Lithuania's growing tech sceneLithuania's tech ecosystem has grown dramatically over the past decade, Darius Zakaitis, Tech Zity's founder, told CNBC. Tech Zity manages three tech campuses in Vilnius, including Tech Park, Tech Loft, and Tech Spa, which are home to companies like Google, Bored Panda and Kilo Health. Currently occupying 20,000 square meters, Tech Zity plans to reach 80,000 square meters over time, considering new campuses, existing locations, and other projects.

Persons: Darius Zakaitis, Zakaitis, Tech Zity, Daniel Ek, Tom, Kevin, Vineted Organizations: Tech, Battersea Power, Tate, Tech Zity, New, Vilnius, Tech Zity's, CNBC, Nord, Google, Kilo Health, Tech Zity U.S, Netflix, Spotify, Nord Security, Summit, Accel Locations: Lithuanian, Battersea, Tech Zity Lithuania, Vilnius, Baltics, Lithuania, Paris, Europe, Baltic, Nord, France, Germany, Lisbon, Portugal, EQT, Russia

☆ European tech fund EQT Growth set to poach investor from Goldman Sachs who will join as a new partner, sources say
▼ + stars: | 2023-06-09 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

European venture fund EQT is set to hire a Goldman Sachs investor as a partner, Insider understands. A managing director from Goldman Sachs Growth Equity is set to join the fund, sources say. An investor at Goldman Sachs' startup investment arm is set to depart the banking giant to join up with Swedish private equity and venture firm EQT Growth, Insider understands. Kirk Lepke, a London-based managing director at Goldman Sachs Growth Equity, is primed to be poached by the Stockholm investor, two sources familiar with the matter said. Both EQT Growth and Goldman Sachs declined to comment.

Persons: Goldman Sachs, Kirk Lepke, Lepke, EQT, Mollie, Lepke's, Julien Bek Organizations: Goldman Sachs Growth Equity, Goldman, DoorDash, Torch, Summit Partners, Apple Locations: Europe, London, Stockholm, New York, Boston, Lithuanian, Crunchbase

☆ Fintech firm Klarna overhauls its app with a TikTok-like discovery feed as A.I. hype swirls
▼ + stars: | 2023-04-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

According to David Sandstrom, Klarna's chief marketing officer, the firm took inspiration from Chinese tech platforms, which he said have mastered the art of algorithm driven-shopping. The Klarna app has been redesigned to tailor product recommendations to users based on their shopping habits using artificial intelligence. Klarna and other buy now, pay later products proved popular during the onset of the Covid-19 pandemic. Meanwhile, buy now, pay later has come under scrutiny from regulators because of fears that it is pushing some consumers, particularly younger people, into arrears. In the U.K., the government has proposed new rules aimed at adding some friction to the process of applying for a buy now, pay later loan.

☆ This Y Combinator-backed startup uses robots to clean wind turbines. Check out the 12-slide pitch deck Aerones used to raise $30 million.
▼ + stars: | 2023-01-16 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +2 min

A startup developing robots to clean and inspect wind turbines has just secured $30 million. We asked the company's CEO to walk us through the 12-slide pitch deck he used to raise the cash. A Y Combinator-backed startup developing robots to clean and inspect wind turbines has just secured $30 million. Latvian company Aerones has developed service robots to clean, inspect, and repair wind turbines. Wind turbines have a typical lifespan of 20 years, but better maintenance and efficiency could prolong this.

☆ In recent years, investors have poured billions into the burgeoning region of central and eastern Europe. Here's why they're so excited about this startup hotbed.
▼ + stars: | 2022-12-30 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +4 min

VCs have flocked to central and eastern European startups for their efficiency and technical talent. Central and eastern Europe includes countries like the Czech Republic, Hungary, Slovenia, Romania, Russia, and Ukraine, according to the World Atlas. The promise of central and eastern Europe starts with a surplus of strong engineering talent, Vaswani said. "Eastern Europe is the former Communist Bloc, and during communism, one of the dangerous things for the communist regimes were humanistic subjects," Bartos said. Additionally, central and eastern European startups are often more capital-efficient due to lower personnel and living costs, an advantage that founders like Jendruszak have leveraged firsthand.

☆ Britain's charity stores are going upmarket
▼ + stars: | 2022-12-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +13 min

Britain's charity shops are transforming as they try to appeal to Gen Z customers. The managers told Insider their retro and vintage stores were largely in urban areas with large student populations. Grace Dean/InsiderE-commerce for charity shops is completely different than e-commerce for retailers that sell large batches of new products. Nonessential retail stores had to shut their doors for months during the pandemic, which the Charity Retail Association estimated cost UK charity shops about £28 million, or $32 million, a month. But, as the aisles of charity shops across the UK show, a lot of people do choose to donate them.

☆ This secondhand fashion startup wants to become the Depop of Africa. Here's the 11-slide pitch deck Yaga used to raise $2.2 million.
▼ + stars: | 2022-11-10 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Estonia-based Yaga just raised $2.2 million to bring its secondhand marketplace to Africa and Asia. The startup, backed by Startup Wise Guys, wants to become the next Vinted or Depop. An Estonia-based circular economy startup that wants to become the Vinted or Depop of Africa has just raised 2.2 million euros ($2.2 million). The company operates an app and website that are currently available in South Africa, Kenya, and India. "I went to Instagram and looked at how people buy and sell secondhand in South Africa and Kenya," the founder said.

☆ Charity clothing stores turn to Depop and Instagram as they head upmarket with vintage and designer items
▼ + stars: | 2022-10-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +13 min

Britain's charity shops are changing how they look and trying to appeal to Gen Z customers. They're selling more designer and vintage items, creating listings on Depop, and carefully curating their social-media profiles — all targeted mainly at appealing to the growing number of Gen Z shoppers. The managers told Insider their retro and vintage stores were largely in urban areas with large student populations. Non-essential retail stores had to shut their doors for months during the pandemic, which the Charity Retail Association estimates cost UK charity shops about £28 million ($32 million) a month. But, as the aisles of charity shops across the UK show, a lot of people do choose to donate them.

☆ How entrepreneurs use apps like Poshmark to turn side hustles selling clothes into full-time gigs earning 6 figures or more from home
▼ + stars: | 2021-02-09 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

The average price brands pay Instagram influencers for sponsored posts surged to $1,642.77 in 2019, Business Insider previously reported. The global sneaker resale market alone could be worth $6 billion by 2025. Many start as college students and homemakers, and some are able to grow into a full-time business earning six figures or more in annual sales. Poshmark cofounder, Tracy Sun, told Business Insider that a lot of sellers scale as they procure more inventory. Business Insider spoke with two Poshmark sellers who turned their side hustles into successful full-time businesses.

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