Poshmark, the app for fashion consignment, has raised one other $87.5 million in funding led by Singapore-based mostly Temasek. Menlo Ventures, GGV Capital, Mayfield and others additionally participated.
Having raised $160 million so far, the startup is effectively-capitalized and plans to make use of the cash to construct out its stylist-matching expertise. Poshmark is launching voice integration with Amazon’s Alexa platform, that can permit customers to explain what they need after which obtain outfits tailor-made to their wants.
The corporate claims that one in 50 girls in America use Poshmark to promote clothes and accessories. It’s additionally been rising its males’s and youngsters’s classes.
Poshmark CEO Manish Chandra says it's barely extra in style with millennials, however has a “very broad attain.” He stated that California is its hottest market within the U.S., however says Poshmark has been catching on throughout geographies. The corporate additionally has its eyes on worldwide enlargement, together with Europe and Asia.
Poshmark takes a 20% fee off every merchandise bought on its platforms. Earlier this 12 months, we reported that the business is profitable and on track for $100 million in revenue.
There are lots of fashion resale apps, however Poshmark’s appears extra like a social media platform than a marketplace. Customers are invited to browse pal’s collections and might see what others are shopping for.
Its enterprise mannequin can also be totally different. Not like Threadflip, which shut down final 12 months, Poshmark doesn’t purchase up any stock. This helps preserve prices down.
Poshmark has expanded past used gadgets, with some designers promoting new stuff on its platform. Immediately one in three gadgets bought on Poshmark is definitely model new.
Poshmark hopes that its platform will more and more mirror an in-retailer purchasing expertise, geared up with stylists and a big collection of gadgets to select from. Immediately Poshmark has 25 million gadgets.
Final 12 months, Poshmark employed a CFO and shared that it hopes to IPO someday.
Poshmark was based in 2011 and is predicated in Redwood Metropolis, California.Featured Picture: Jen Kay