Poshmark

Poshmark
Industry E-commerce
Founded 2011 (2011)
Founders Manish Chandra
Tracy Sun
Gautam Golwala
Chetan Pungaliya
Headquarters Redwood Shores, CA USA
Number of employees
 Less than 200
Website poshmark.com

Poshmark is the largest social marketplace for fashion where anyone can buy, sell and share their style with others. Poshmark’s mission is to make shopping simple and fun by connecting people around a shared love of fashion, while empowering entrepreneurs to become the next generation of retailers. Recognized as the go-to shopping destination for millennials, Poshmark’s community of over two million Seller Stylists help shoppers discover the perfect look from over 25 million items and 5,000 brands. The company is backed by the world’s leading venture capital institutions including Mayfield, Menlo Ventures, GGV Capital, Inventus Capital, SoftTech VC, Union Grove Venture Partners, Shea Ventures and AngelList. The company is headquartered in Redwood City, California.

History

The company was launched in 2011 by Manish Chandra, the former CEO and founder of Kaboodle, after it raised $3.5M in Series A funding from Mayfield Fund, Inventus Capital Partners, SoftTech VC and SV Angel.[1] In 2012, Poshmark received an additional $12M in venture capital funding led by Menlo Ventures,[2] which included investment from celebrity endorsers, Rachel Zoe, Ashton Kutcher and Madonna's manager, Guy Oseary.[3] In April 2015, Poshmark raised 25 million from "Mayfield, Menlo Ventures, Inventus Capital, Union Grove Venture Partners, Shea Ventures, and SoftTech VC."[4]

Business

Available on iOS and Android, Poshmark provides women a platform to sell their clothing and accessories, purchase items from other users and attend Posh Parties, an in-app and offline feature coined by the company to describe real-time shopping events centered on a specific trend or set of brands.[5] According to its 2013 annual report, over 1.5 million items have been sold in its mobile fashion marketplace with Coach, Tory Burch and J. Crew as some of its top-selling brands.[6] Poshmark introduced the option to buy and sell men's and children's clothing and accessories in July 2016.[7]

References

  1. ↑ Jon Swartz. "Poshmark hopes to make a mark in fashion", USA Today, 6 December 2011. Retrieved 27 January 2014.
  2. ↑ Tomio Geron. "Poshmark Mobile Fashion App Raises $12M Series B", Forbes, 4 December 2012. Retrieved 27 January 2014.
  3. ↑ Meghan Kelly. "Poshmark’s secret celebrity investors: Ashton Kutcher, Rachel Zoe, more", VentureBeat, 17 October 2013. Retrieved 27 January 2014.
  4. ↑ Sarah Perez (21 April 2015). "Fashion Marketplace Poshmark Raises $25 Million More, Heads To Apple Watch". TechCrunch. Retrieved 22 April 2015.
  5. ↑ Lorraine Sanders. "Poshmark's Friction-Free Fashion App Turns Mobile Purchasing Into Parties", Fast Company, 7 August 2012. Retrieved 27 January 2014.
  6. ↑ Kristen Philipkoski. "Louis Vuitton and Lululemon Sell Fastest on Poshmark", Racked, 16 January 2014. Retrieved 27 January 2014.
  7. ↑ McGarry, Caitlin. "Poshmark's curated shopping platform expands with men's and kids' items". MacWorld.com. Retrieved 2 August 2016.
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