Poshmark Raised $87 Million For Online Fashion Marketplace
Poshmark, which provides an online marketplace to buy and sell fashion items, announced today that it has raised $87.5 million in a round led by Temasek. Mayfield, Menlo Ventures, GGV Capital, Inventus Capital, Uncork Capital, Union Grove Venture Partners, and Cross Creek Advisors also participated.
The startup leverages social media platforms by connecting users to their friends. “When you sign up for Poshmark, you’re able to ‘friend’ all of your Facebook and Twitter friends who are already on the app,”
Users can access Poshmark’s marketplace via the website and through the app, which is available on both iOS and Android. Sellers and buyers can then interact freely to exchange styles, share images, and make transactions.
Founded in 2011, the Redwood City, California-based startup has created what it calls a “social marketplace for fashion” where anyone can buy, sell, and share their style with others.
The main difference between Poshmark and our competitors is that the company doesn’t focus on merchandise (or hold merchandise); it focuses on people,” wrote Poshmark founder and CEO Manish Chandra, “Poshmark connects people to one another through their shared connection over fashion.”
Poshmark has raised nearly $160 million, to date. It will use the fresh injection of capital to further develop its platform, as well as expanding into new categories and countries. For now, the service is only available in the U.S.
To retain the millennial generation’s fleeting attention span, Poshmark has today unveiled a new product — Stylist Match, using Amazon Alexa. Users can say, “Alexa, ask Poshmark to style me,” choose a theme like Date Night or Cocktail Party, and receive curated looks from stylists in the Poshmark community.