Milda Mitkutė’s story is the stuff of enterprise legend, each in her dwelling nation of Lithuania and globally as co-founder of Vinted. At a home occasion in 2008, an occasion attended by many 21-year-olds, Mitkutė met developer Justas Janauskas and mentioned her downside: too many garments for the condominium she was shifting into for faculty. . At 2.30 within the morning the concept for Vinted was born.
Vinted has develop into Lithuania’s first “unicorn” or billion-dollar firm. Since then, the corporate has been valued at $four.5 billion, raised greater than $562 million in enterprise capital and employs greater than 1,200 individuals in 9 nations, surpassing eBay because the primary secondhand market on this planet. United Kingdom and Europe.
Mitkutė left his day-to-day involvement within the enterprise in 2017 and targeted on his subsequent venture: household. 4 kids later and that venture accomplished, she is now prepared for her subsequent enterprise.
Mitkutė is now the lead investor in a brand new instructional know-how platform to assist academics provide a higher number of classes to their college students, which it hopes to check with academics in 2024..
What’s in your bag?
Usually I prefer to maintain it mild, however after this interview I’ve one other assembly so I introduced my pc with all my paperwork. I even have my train stuff since I simply acquired again from a coaching session. I advised my coach, I am not going to put on sneakers in your class, I am simply carrying socks, as a result of I do not wish to carry a heavy bag with sports activities sneakers.
Are you flashy or frugal?
It will depend on my age. For those who requested me 18 years in the past, I’d say putting. That is how Vinted was born. After which sooner or later, I acquired uninterested in too many issues, which made me wish to purchase much less issues. If you wish to do away with an merchandise, you’ll be able to’t simply throw it away, you may have the accountability of discovering a brand new proprietor, as a result of it is not sustainable to provide issues away in large luggage.
I began to consciously suppose if I actually need that new merchandise and if I’m going to make use of it for a very long time. Nevertheless, it’s at all times a battle, as a result of we reside in a world of consumption and promoting. You attempt to keep away from it, however you might be nonetheless human. So I am form of within the center.
In the mean time I’m in promoting mode. The youngest and final of my 4 kids is now two years outdated, so we now have numerous child issues to promote. It is emotional: 4 kids had been in our child stroller.
Are you a property proprietor?
Sure, we personal our home.
How a lot did you earn final yr?
Technically I am nonetheless on maternity go away from Vinted, so I obtain customary authorities funds. I even have revenue from shares and investments.
What was your first job?
I used to be 21 after I got here up with the concept for Vinted, however I had a couple of jobs earlier than that. I used to be a waitress at an Italian restaurant in Kaunas, the second largest metropolis in Lithuania, the place I am from. Then I moved to Vilnius and labored in a tourism company and a PR company. However Vinted was my first position as a creator and chief.
What was it like rising up?
My father died after I was six, so my mom raised me and my sister alone. We handle to reside on €250 a month. I do not understand how he did that. I assume now it will be about 1,000 euros, so for the three of us it was fairly a problem. Lithuania turned unbiased from the Soviet Union in 1991 and was in chaos for some time after that. Every little thing collapsed.
However I used to be like everybody else at the moment, as most of my friends lived in poverty. However then as soon as the borders opened, you might really feel the chance within the air. We had been very hungry and everybody needed to attempt to make one thing for themselves. If you’re 18 and don’t have anything, you don’t have anything to lose.
So in that sense, it helped. So you might be 38 years outdated, have a husband, kids and a home. I name it life-style inflation. You are used to issues like touring repeatedly. We do not reside in tremendous luxurious, however on the similar time we do not wish to reside like we did once we had been 18 years outdated.
Do you spend money on shares?
For some time, the mentality in Lithuania was to not spend money on shares, as a result of monetary collapse that occurred once we turned a democracy. Most Lithuanians nonetheless need tangible issues, like actual property; intangible issues nonetheless appear very dangerous. However like lots of my era, I am extra open and spend money on issues like S&P 500 firms. I’ve needed to take particular programs on how markets work and make investments, and the distinction between passive and lively investing.
I’ve some passive investments proper now, however it has taken numerous time and schooling. I am not serious about lively investing as a result of I am not that serious about investing generally, simply rising established firms; I am extra serious about the place to maintain my cash. I’m not serious about short-term investments. I am additionally a enterprise angel, however I believe that is extra “enterprise philanthropy” than correct investing, as a result of some concepts will not develop and others will lose cash.
You are investing in individuals, as a result of somebody who fails now will go some other place and unfold that have in all places.
What’s your greatest enterprise choice?
The launch of Vinted was very spontaneous. I met my associate Justas (Januaskas) by probability. You will have the sensation and instinct to do one thing, however the extra you suppose, the extra afraid you might be and the higher the possibility that you just will not do it.
Many individuals (household, shut associates) had been very skeptical about Vinted. And even my outdated boyfriend stated that he can be losing his time. So at first Justas and I traveled alone.
I am very happy with the truth that nobody believed in us and we nonetheless did it. In these early phases, it is not about enterprise, however extra about following your instinct.
What’s your greatest funding?
The one I am investing in now. I am unsure I can say their identify, so I will simply say that they educate youngsters to code and implement STEAM (Science, Know-how, Engineering, Arts, and Math) packages in colleges. Now they’re increasing overseas.
I’ve suggested them for eight years and helped them with accounting, enterprise and advertising and marketing methods. So I believed, “I ought to make investments, as a result of I actually imagine in them.” I do know them very nicely and I believe it may possibly develop into one thing essential in a couple of years.
What’s your financial weak spot?
I make it a rule, if I journey overseas, to not purchase issues like magnets; For me, the whole lot is pending. Those I’ve now are from Sicily, since I used to be there a couple of months in the past. My husband at all times says, “Why do you want so many?” However some individuals like luggage, some individuals like attire. For me they’re pending.
What’s your best extravagance?
I am uninterested in bodily issues. Now I am extra serious about experiences. It’s extremely tough to search out distinctive experiences, so once we discover one, we are saying, “let’s do it.”
For instance, once we journey, we now have fallen into the sample of waking up, trying across the metropolis, having lunch, going to the seashore, having dinner, going to sleep, waking up, going to search out one other city and doing the identical factor once more.
One way or the other you get bored. We wish to present our kids range by way of what the world might be like, so we’re interested by what else we’re going to do and on the lookout for experiences which are rather more worthwhile than the routine of the town, consuming, seashore, consuming, sleeping.
Which is healthier for retirement, property or pension?
The entire concept of actual property being secure has been shaken for the reason that warfare in Ukraine started (many tasks had been placed on maintain attributable to uncertainty and rising building prices). For that cause, I’d positively have a pension.
From my husband’s and my perspective, for the reason that warfare began, we now have been relieved to personal shares as they’re very international and liquidity is excessive; For those who want cash rapidly, you’ll be able to entry it.