Vendora, the Greek marketplace for secondhand goods founded by Robin Schuil, former co-founder of Dutch-based equivalent Marktplaats.nl, is expanding its geographical footprint and scaling operations
Dutch venture capital investor No Such Ventures supports Vendora's continuing growth by leading the company's third investment round, alongside Bucephalus, Great Stuff Ventures, and existing shareholders. No Such Ventures tripled its own total investment in the company since the last round
Amsterdam, July 26, 2023 - Vendora, Greece's top marketplace for secondhand goods, is thrilled to announce the successful closure of a multimillion-euro investment round backed by its existing shareholders and led by No Such Ventures. This capital injection aims to fuel the expansion of Vendora's regional reach and bolster the scaling of its operations.
As the leading platform for used goods in Greece, the new investments will further support Vendora's drive toward reaching more markets. The team at Vendora is predicting a wider product offering scope by the end of 2024, positioning itself as a premier shopping platform for second-hand items.
The commitment to technological sophistication was evident in 2022 when Vendora introduced several advanced features, facilitating safer, smoother transactions on the platform and its mobile app. The release includes an escrow service offering buyer protection and hassle-free shipping through a partnership with the sustainable logistics firm, BoxNow. The success of these features has resulted in more than a ten-fold increase in revenue and on-platform transactions for 2022, with marketing expenditures remaining relatively stable.
In April 2023, Vendora embarked on its first international venture with a successful launch in Cyprus, earning it the top spot in the nation's app store for most downloaded apps. With the recent funding, Vendora aims to further expand in the region.
Robin Schuil, founder of Vendora, said, "We are both thrilled and deeply appreciative of the unending faith our investors place in us. This fresh injection of funding accelerates our expansion plans and enables us to fully leverage Vendora's advanced technological infrastructure for enhanced customer value. Our commitment remains steadfast in offering exceptional experiences in the buying and selling of used goods. We look forward with confidence to executing our ambitious plans, nurturing regional growth, and fostering a sustainable, circular economy."
Reinder Lubbers, the manager-founder of No Such Ventures voiced his confidence in Vendora, "We have only seen our assurance in Vendora grow over the past three years. Their rise coupled with continuous innovation is a fantastic match for our strategy of supporting ambitious teams aiming to lead the sector. Tripling our funding in Vendora reflects our faith in their prospective eminence in the classified market space."
Bart Jan Manten, Partner at Bucephalus, shares his thoughts, "We’re very happy to expand our investment in Vendora by participating in this latest investment round. The team is knowledgeable, highly experienced, agile, and innovative which has led to impressive results. We’re very excited to be part of their journey towards the expansion of Vendora’s services and impact”.
Gianluca Valentini from Great Stuff Ventures commented, "From our initial investment, Robin and the whole Vendora team have consistently demonstrated an impressive ability to innovate, scale, and stay ahead of consumer needs. Their exemplary performance and ability to stay focused and adjust to market conditions have certainly reinforced our belief in this opportunity. As they venture into a new phase of international expansion and further growth, we couldn’t be more excited to join them on this journey."
For additional information, interview schedules, and high-definition images, please reach out:
Kimon Tousmanof, Vendora, at kimon@vendora.gr
Reinder Lubbers, No Such Ventures, at reinder@nosuchventures.com
About Vendora
Since its establishment in 2017, Vendora has quickly emerged as Greece's premier horizontal classifieds marketplace, offering a myriad of goods across various categories. It offers a secure and easy platform for individuals and businesses to buy and sell new and used products and services. Customer-centric approach combined with sustainable practices, Vendora aims at reducing waste and promoting re-use of resources. Vendora's partnership with a sustainable logistics provider, BoxNow, further reiterates its commitment to eco-conscious practices.
Vendora has differentiated its online marketplace by prioritizing safe transactions and reliable shipping, thereby ensuring buyer and seller satisfaction and superior mobile app ratings. With a tech-driven and data-focused approach, Vendora's user-friendly mobile app meets the increasingly diverse user expectations in the classifieds sector. Vendora's pioneering strategy in Greece has made it a preferred marketplace for second-hand goods. With the advent of tech advancements and increased venture capital investments, Vendora is poised for continued success through international expansion and cross-border trade.
About No Such Ventures
Founded in 2018, No Such Ventures is a new style venture capital firm, based in Amsterdam, combining the value-add of investors and the professionalism of a VC through its deal-by-deal structure, investing usually between €2m and €8m in growth companies.
