Poshmark, the app for fashion consignment, has raised every other $87.five million in investment led via Singapore-based Temasek. Menlo Ventures, GGV Capital, Mayfield and others additionally participated.
Having raised $160 million to this point, the startup is well-capitalized and plans to make use of the cash to construct out its stylist-matching era. Poshmark is launching voice integration with Amazon’s Alexa platform, that can permit customers to explain what they would like after which obtain outfits adapted to their wishes.
The corporate claims that one in 50 girls in America use Poshmark to promote clothes and niknaks. It’s additionally been rising its males’s and kids’s classes.
Poshmark CEO Manish Chandra says it’s quite extra well liked by millennials, however has a “very broad reach.” He mentioned that California is its hottest marketplace within the U.S., however says Poshmark has been catching on throughout geographies. The corporate additionally has its eyes on world growth, 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 trade is winning and on target for $100 million in income.
There are numerous fashion resale apps, however Poshmark’s appears to be like extra like a social media platform than a marketplace. Users are invited to browse buddy’s collections and will see what others are purchasing.
Its trade style may be other. Unlike Threadflip, which close down closing 12 months, Poshmark doesn’t purchase up any stock. This is helping stay prices down.
But it’s now not the one trade gaining traction. Competitor The RealReal has additionally constructed a full-fledged luxurious consignment trade. Others within the class come with Rebag and ThredUp.
Poshmark has expanded past used pieces, with some designers promoting new stuff on its platform. Today one in 3 pieces bought on Poshmark is in reality emblem new.
Poshmark hopes that its platform will increasingly more replicate an in-store buying groceries enjoy, supplied with stylists and a big number of pieces to choose between.
Poshmark was once based in 2011 and is founded in Redwood City, California.
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