Total amount raised
$153 Millions
Latest funding date
Location
Poshmark has successfully raised significant capital through multiple funding rounds, culminating in its acquisition by Naver for $1.6 billion. The platform serves as a social marketplace for fashion, enabling users to buy, sell, and share their style.
Continue reading to delve into the details of Poshmark's funding journey and the investors who have supported this innovative platform.
What Is Poshmark?
Poshmark, founded in February 2011, is a social marketplace for fashion based in Redwood City, California. The platform allows users to buy, sell, and share their style, combining the human connection of physical shopping with the ease and scale of e-commerce.
The company was founded by Chetan Pungaliya, Gautam Golwala, Keiron McCammon, Manish Chandra, and Tracy Sun. Poshmark has grown significantly since its inception and now employs between 501 and 1000 people.
For more detailed information, you can visit their Crunchbase profile or their official website.
How Much Funding Has Poshmark Raised?
- Series A
- Amount Raised: $3.5M
- Date: December 2011
- Lead Investors: Mayfield Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch and establish the platform in the market.
- Series B
- Amount Raised: $12M
- Date: December 2012
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand user base and enhance platform features.
- Series C
- Amount Raised: $25M
- Date: April 2015
- Lead Investors: Inventus Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve technology infrastructure.
- Series D (First Round)
- Amount Raised: $25M
- Date: April 2016
- Lead Investors: Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enter new markets.
- Series D (Second Round)
- Amount Raised: $87.5M
- Date: November 2017
- Lead Investors: Temasek Holdings
- Valuation at Round: Approximately $625M
- Motivation Behind the Round: To enhance technical platform and expand internationally.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: April 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: December 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and strategic initiatives.
Total Amount Raised: $153M
Current Valuation: $1.6B
Key Investors
- Temasek Holdings
- Details: Temasek Holdings is a global investment company headquartered in Singapore. It manages a diversified portfolio across various sectors.
- Investment Focus Areas: Financial services, telecommunications, media & technology, transportation & industrials, consumer & real estate, life sciences & agribusiness, energy & resources.
- Notable Investments: Alibaba, Airbnb, Gojek.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that provides capital for seed, early-stage, and growth companies. It has a strong track record in the technology sector.
- Investment Focus Areas: Consumer internet, enterprise, life sciences.
- Notable Investments: Uber, Roku, Warby Parker.
- GGV Capital
- Details: GGV Capital is a venture capital firm that invests in technology companies across the U.S. and China. It focuses on both early-stage and growth-stage investments.
- Investment Focus Areas: Consumer/new retail, social/internet, enterprise/cloud, frontier tech.
- Notable Investments: Alibaba, Square, Slack.
- Mayfield
- Details: Mayfield is a venture capital firm that invests primarily in early-stage technology companies. It has a history of supporting innovative startups.
- Investment Focus Areas: Enterprise, consumer, engineering biology.
- Notable Investments: Lyft, SolarCity, Marketo.
- Inventus Capital Partners
- Details: Inventus Capital Partners is a venture capital firm that focuses on early-stage technology companies. It aims to support entrepreneurs in building market-leading companies.
- Investment Focus Areas: Technology, consumer internet, enterprise software.
- Notable Investments: Poshmark, PolicyBazaar, Power2SME.
What's Next for Poshmark?
Poshmark's future looks promising with several growth opportunities on the horizon. The company plans to enhance its stylist-matching technology and integrate voice commands with Amazon's Alexa, aiming to provide a more personalized shopping experience. Additionally, Poshmark is expanding its men's and children's categories and eyeing international markets in Europe and Asia. These expansions could significantly increase their user base and revenue.
Future fundraising opportunities may include an IPO, as hinted by the company's recent hiring of a CFO and its growth trajectory. However, Poshmark will face challenges such as competition from other fashion resale platforms and the complexities of international expansion. Maintaining profitability while scaling operations and integrating new technologies will also be crucial hurdles to overcome.
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