Vinted Completes Secondary Transaction at €8B Valuation Reflecting Consistent, Profitable Growth.


Vinted, the  C2C second-hand marketplace, and our second-largest position in Fund II, completed a secondary share transaction of €880M at an €8B valuation, marking yet another milestone in one of Europe’s most remarkable growth stories. The transaction demonstrates Vinted’s progress in building a category-leading business with a unique financial profile: fast growth at scale with sustained profitability. In 2025, Vinted grew GMV to €10.8B, generating €1.1B in annual revenue and €62M in net profits, in 26 markets. Congratulations to Thomas and team for this well-deserved outcome! (Vinted.com)

Quince Hits €10B Valuation. ICONIQ Leads Giant $500M Series E Funding Round.


Factory-to-consumer e-commerce brand, Quince, another top position by carrying value in Fund II, raised a $500M Series E at a $10.1B valuation led by ICONIQ. Best known for its $50 cashmere sweater, Quince has redesigned the system behind traditional retail, growing revenue by triple digits annually and nearing $2B last year! This latest funding will support ongoing global expansion, category growth, and deeper supply chain partnerships. (TechCrunch)


Founded in 2023 by former Tinkoff employees, Plata, the Nubank challenger in Mexico, raised a $400M Series C at a $5B valuation led by Bicycle Capital. Plata has surpassed $600M in revenues in under three years making it the fastest growing startup in LatAm history! (PRNewswire)


FJ Labs’ fastest growing incubation, Midas, announced a $50M Series A led by RRE and Creandum. Midas tokens (mTokens) have seen widespread adoption with $500M+ current TVL and $37M+ in yield paid out to investors. (fabricegrinda.com)

Colombian telecom startup Somos Internetraised a $40M Series B round co-led by Bracket Capital & Ribbit with participation from USV and Kaszek. The company builds fiber networks that deliver enterprise-grade connectivity at lower cost. (LatamList)

Fuse, an AI-native loan origination system, raised a $25M Series A to disrupt the legacy systems used by U.S credit unions. Fuse’s agents  help lenders process higher loan volumes, automate underwriting, and reduce costs. (TechCrunch)


In his latest podcast episode, Marketplaces in the Age of AI, Fabrice shares his belief that AI is far more likely a productivity revolution than economic collapse. He explains why most fears around AI disintermediating marketplaces are overstated, where AI does in fact threaten marketplace margins, and the immediate opportunities AI creates for liquidity, cross-border trade, and profitability.


Make sure to check out Fabrice’s recent blog post, AI Is a Productivity Revolution, Not a Collapse where he argues that AI is not the end of economic progress, it is simply the next chapter. Fabrice describes the way in which AI is a powerful accelerant to productivity, expanding output, raising living standards, and ultimately increasing human optionality.


The power law mindset of venture has gone from genuine insight to crowded trade with every fund fighting to get into the same AI deals at eyewatering valuations. But being right about the company isn’t enough to succeed. You also have to be right about the price. Jeff Weinstein digs in: Part 1 and Part 2.


In case you missed it, we recently published our 2025 year in review. Last year, the team made 168 total investments (96 new, 72 follow-on) in 25 countries. Life to date, we have backed over 1,200 startups with 400+ partial & full exits.


On Amir Fischer’s podcast, he and Fabricediscuss Fabrice’s leaving McKinsey at 23 to launch an eBay competitor in France, trying to buy the Alibaba domain from an unknown Jack Ma, why Craig Newmark refused to let him buy Craigslist, and more fascinating anecdotes.