Vienna-based startup Minimist, specializing in machine-learning solutions, has raised €350k in a pre-seed funding round to revolutionize the second-hand e-commerce market. The funding will be used to enhance its platform and forge partnerships with retailers across Europe.
The round attracted investments from prominent figures, including Hanno Lippitsch (founder of Eversports), Michael Pötscher (CMO at Bitpanda, TourRadar, and Paysafe), and Matthias Heimbeck (founder of Findologic). Impact-driven investors such as Sebastian Sessler and the Duit Family Office also contributed, along with the Vienna Planet Fund by Wirtschaftsagentur Wien.
Transforming Second-Hand E-Commerce
Minimist, co-founded in 2024 by Stephan Hofmann, an ex-Google and Spotify product manager, and Henrik Feldt, a seasoned entrepreneur and machine-learning engineer, aims to address the challenges faced by second-hand sellers.
“Existing e-commerce tools are not designed for the unique challenges of second-hand selling,” said Hofmann. “We’ve worked closely with our customers in Austria and across Europe to create an easy-to-use operating system for sellers to save time and increase sales.”
Their mobile-first platform, described as a “co-pilot for selling,” employs advanced machine-learning tools for object recognition and pricing suggestions, cutting the time required to digitize second-hand items by 95%.
Bridging the Digital Gap
The startup seeks to address a critical issue in the second-hand retail market—93% of second-hand stores lack an online presence, even as 80% of European shoppers start their discovery journey online. Within just four months, Minimist has partnered with 14 second-hand stores across Europe, including one of the world’s largest second-hand chains.
Fueling Expansion and Innovation
Minimist’s funding will support its expansion into Sweden, Germany, and the Netherlands, while further refining its platform. Current features include streamlined product onboarding, Google optimization, inventory management, and tailored customer communication tools designed for the complexities of second-hand e-commerce.
Riding the Second-Hand Market Boom
The European second-hand market is growing rapidly, driven by increasing demand for sustainable and affordable shopping. As of 2021, the second-hand fashion market in the EU was valued at €16 billion, with projections suggesting it could double by 2025. The broader second-hand goods market is expected to grow from €69.9 billion in 2024 to €153.2 billion by 2034, with an annual growth rate of 8.2%.
Minimist’s efforts to empower second-hand sellers position the startup as a key player in unlocking the potential of this growing market. As they put it, “Giving superpowers to second-hand sellers.”