Austrian-Swedish founders raise €350k to digitise second-hand retail with AI

The mobile-first platform uses machine learning to simplify the process of selling pre-owned items online. By automating object recognition and pricing suggestions, Minimist claims to reduce the effort of digitalising used items by 95 percent.

Making second-hand digital

The timing appears ideal, as 80 percent of European shoppers now begin their shopping journey online. Despite this shift in consumer behaviour, most second-hand retailers have struggled to establish a digital presence.

"Existing e-commerce tools are not designed at all for the unique challenges of second-hand, and we've worked closely with our customers first in Austria and now across Europe to create an easy-to-use operating system for anyone who sells a lot of second-hand items and wants to save a lot of time while increasing their sales," says Stephan Hofman who founded the company with Swedish entrepreneur Henrik Feldt.

Funding from other founders

The funding round attracted several investors, including Eversport's founder Hanno Lippitsch, Bitpanda and TourRadar CMO Michael Pötscher, and Findologic founder Matthias Heimbeck. The Vienna Planet Fund of the Wirtschaftsagentur Wien has also backed the venture.

In four months, Minimist has partnered with 14 second-hand stores across Europe, including securing a significant deal with one of the world's largest second-hand chains. The platform serves various sellers, from vintage shops and online influencers to charities and refurbishers.

The company, which operates across Sweden, Germany, Netherlands, and Austria, will use the funding to expand its AI-powered platform that handles product onboarding, inventory management and customer communication.