Minimist, a Vienna-based machine-learning startup, has raised €350k in a pre-seed funding spherical aimed toward reworking second-hand e-commerce – funds will probably be used to additional develop their platform and companion with extra retailers throughout Europe.
The funding spherical consists of contributions from notable buyers akin to Hanno Lippitsch (founding father of Eversports), Michael Pötscher (CMO of Bitpanda, TourRadar, and Paysafe), and Matthias Heimbeck (founding father of e-commerce agency Findologic).
Impression-focused buyers akin to Sebastian Sessler and the Duit Household Workplace additionally participated, alongside assist from the Vienna Planet Fund of the Wirtschaftsagentur Wien.
“Present e-commerce instruments are usually not designed in any respect for the distinctive challenges of second-hand, and we’ve labored intently with our clients first in Austria and now throughout Europe to create an easy-to-use working system for anybody who sells lots of second-hand gadgets and desires to avoid wasting lots of time whereas rising their gross sales,” mentioned Stephan Hofmann, co-founder of Minimist.
Co-founded in 2024 by Stephan Hofmann, an ex-Google and Spotify product supervisor, and Henrik Feldt, a serial entrepreneur and machine-learning engineer, Minimist is designed to simplify and improve the promoting course of for second-hand shops {and professional} sellers.
Based on Minimist, their intention is to handle a major hole within the second-hand retail market. Whereas 93% of second-hand shops at present lack an internet presence, 80% of European customers start their discovery journey on-line.
Minimist’s platform appears to bridge this divide with its mobile-first “co-pilot for promoting.” The system leverages superior machine-learning applied sciences for object recognition and pricing strategies, lowering the effort and time wanted to digitise used gadgets by 95%.
Inside 4 months, the startup has secured partnerships with 14 second-hand shops throughout Europe, together with a take care of one of many world’s largest second-hand chains. The platform permits various sellers, from classic shops and refurbishers to charities and influencers, to ascertain a robust digital presence shortly and effectively.
The funding will gas Minimist’s efforts to increase its operations throughout Sweden, Germany, and the Netherlands, and additional improve its platform.
Present options embody streamlined product onboarding, Google visibility optimisation, stock administration, and buyer communication—tailor-made particularly for the complexities of second-hand e-commerce.
The European second-hand market has skilled important development lately, pushed by rising shopper curiosity in sustainability and cost-effective purchasing choices. As of 2021, the second-hand vogue market within the European Union was valued at €16 billion, with projections indicating it might double by 2025.
Past vogue, the broader second-hand items market in Europe can be increasing. In 2024, the market measurement is projected to be about €69.9 billion, with forecasts suggesting it might attain roughly €153.2 billion by 2034, pushed by a Compound Annual Progress Charge of 8.2%.
These figures underscore the rising prominence of the second-hand market throughout varied sectors in Europe, highlighting a shift in direction of extra sustainable and economical shopper behaviors.
Minimist’s give attention to eradicating boundaries for second-hand sellers helps to unlock the untapped potential of this rising European market, or as they put it, “Giving superpowers to second-hand sellers.”
