Vinted has become the latest European tech unicorn to tap the secondary market, agreeing to sell shares worth approximately $44 billion, according to a source close to the deal. This massive valuation underscores the secondary market's transformation from a niche private sector activity into a crucial liquidity source for venture capital funds and a key driver of returns for limited partners. The transaction, involving a sale of roughly 10% of the company, highlights how secondary trading now provides significant exits for early investors in Europe's hottest startups.

ElevenLabs, the AI voice cloning startup, has also made waves, reportedly securing a $7 billion valuation in a recent funding round. While the exact terms of the secondary sale aren't fully disclosed, the sheer scale of this valuation places ElevenLabs firmly among the world's most valuable AI companies. Meanwhile, Iceye, a satellite imaging firm, closed a $771 million funding round, demonstrating continued investor appetite for specialized deep tech beyond the traditional software and consumer internet plays dominating the secondary scene. These deals collectively signal a surge in secondary market activity, attracting significant capital beyond the usual tech giants.

The implications are clear: secondary markets are no longer just for the largest tech companies. They are becoming a vital ecosystem for unlocking value across diverse sectors, from AI and deep tech to consumer platforms. This trend pressures traditional IPO markets, offering faster, larger exits and reshaping how venture capital returns are generated. The focus now shifts to how these secondary deals will influence future primary market valuations and the broader European tech funding landscape.