UPDATED 00:12 EST / APRIL 22 2015

Poshmark founder & CEO Manish Chandra NEWS

Community fashion marketplace Poshmark raises $25 million Series C

poshmarkCommunity fashion marketplace Poshmark Inc. has raised $25 million Series C in a round that included Mayfield, Menlo Ventures, Inventus Capital, Union Grove Venture Partners, Shea Ventures, and SoftTech VC.

Founded in 2011, the company primarily offers a sort of mobile focused version of eBay for women’s fashion, with a pitch that was initially directed at fashionistas that wanted to clear out the haute couture from their closets, but has since developed into something bigger again, complete with new clothes sales (around 20 percent of the site) and a range of people who sell on Poshmark for a living.

The company said in a statement that since launching it has bet everything on mobile, and the figures it boasts are impressive; Poshmark says that there is over $2 million worth of new inventory being uploaded to its marketplace every day, and that it is set to double its revenue in just six months this quarter, hitting a $200 million run rate in annual sales

Poshmark claims that its growth lies within its vibrant community where “women help each other discover new items, leading to an order being placed every 5 seconds.”

People listing on the service are referred to as “Poshmark Stylists” and are said to create a unique social merchandising engine where they curate the best items to their followers they help match supply and demand…and yes, like a social network there are followers and chat around the fashion listed as well.

“The future of shopping blurs the line between inspiration, personal relationships, and commerce. While traditional marketplaces have only buyers and sellers, Poshmark has pioneered an entirely new model that introduces a third role to empower and leverage our most valuable asset, our highly engaged community,” CEO of Poshmark Manish Chandra said. “We’re introducing a concept that is completely new, where social and commerce are intrinsically connected, combining the power of the two to create an infinitely scalable marketplace. It is this unique social environment that is allowing women to build six-figure businesses on the marketplace.”

Including the new round, Poshmark has raised $47.2 million to-date. Investors not participating in the new round include Ashton Kutcher, Rachel Zoe, Sherpa Venture, and SV Angel.

The company said it would use a portion of the new round to strike deals with brands seeking to sell directly to consumers on the platform, avoiding traditional retailers.


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