Three years ago, appearance exchange Poshmark launched on iOS with an app that accustomed women to buy and advertise secondhand items, including clothing, shoes and added accessories, appropriate from their adaptable device. The company, which has back broadcast to Android and the web as of aftermost year, has now developed its online association to accommodate millions of registered users, and is on clue to bifold its acquirement in aloof six months this division to $200 actor in anniversary sales. Today, Poshmark is additionally announcement $25 actor in Series C funding, with advance from Mayfield, Menlo Ventures, Inventus Capital, Union Grove Venture Partners, Shea Ventures, and SoftTech VC.
To date, Poshmark has aloft $47.2 actor in alfresco capital.
While there are a cardinal of competitors in the online appearance resale amplitude today, including affluence assignment armpit The RealReal which additionally this ages took in an added $40 actor in new funding, what makes Poshmark altered from abounding of these sites is that it doesn’t comedy agent back it comes to managing the affairs that booty abode on its platform.
Instead, Poshmark’s buyers and sellers affix with anniversary added directly, agnate to a exchange like eBay, for example. Poshmark, meanwhile, artlessly provides a apartment of accoutrement for these buyers and sellers to booty advantage of – alignment from print-out aircraft labels to defended acquittal transfers to an alternative affidavit account for high-end appurtenances and more.
Today, says architect and CEO Manish Chandra, there are over 700,000 sellers on the platform, and, at any accustomed time, there are over 10 actor items for auction on Poshmark. Additionally clashing sites like The RealReal, which alone focuses on the affluence market, items on Poshmark can be annihilation from a $25 “fast fashion” commodity of accouterment to a $5,000 handbag, the CEO says.
Poshmark’s accommodation to appearance itself as a belvedere as against to a aggregation that has to abode account itself has accustomed the aggregation to calibration rapidly. Its sellers upload over $2 actor of new account circadian to its service, and Poshmark processes millions of orders daily. The aggregate of the adjustment aggregate on the armpit is accustomed fashion, but, of course, the auction of high-end items accord added to the basal line.
The aggregation has additionally benefitted from its “mobile-first” approach, absolute as an app continued afore it was anytime a website. Today, that focus is still reflected in its user base, area over 90% of users are on mobile, and over 90% of acquirement comes from adaptable as well. And when those users are actively affairs or selling, they’re awful affianced – blockage in on their sales seven to nine times per day and spending over 20 account on Poshmark’s service.
“The cardinal of buyers and sellers has remained according on the platform,” addendum Chandra. “And that’s a attestation to our amusing and adaptable focus,” he says. “That gives us what we anticipate of as an always scalable exchange area it’s not accountable on either side.”
He additionally attributes Poshmark’s success to its analogous algorithm, which connects women with accordant items of interest, and Poshmark’s abutment for animal curation, area women are administration and administration their commodity in collections and online “parties” for others to discover.
Now, the service that began as a resale exchange for individuals affairs their own items is starting to see a about-face in its user base. Today, a baby but growing allotment (around 5%-7%) of sellers are affairs broad appurtenances new and again reselling them on Poshmark at retail prices. And some sellers are architecture their own assignment shops on Poshmark area they advertise items on account of others. Meanwhile, there’s additionally a growing cardinal of indie designers affairs items they’ve created themselves, as they would on a armpit like Etsy.
Poshmark affairs to tap into this accretion “fashion salesforce” of absolute merchants who ability barter on mobile, and is acquisitive to affix with bigger appearance brands who appetite to advantage its association to acquisition new barter for themselves.
With the new funding, company is planning to move into new verticals, including men’s and children’s items, appoint added staff, and aggrandize internationally into genitalia of Europe and Asia.
The aggregation today is additionally ablution an Apple Watch app that will let consumers accumulate clue of their favorites and their sales from their wrist, which Chandra admits is still article of an experiment. But it’s one he’s action big on – the aggregation is giving all its advisers an Apple Watch for free, in fact.
“Anything that increases the ability of advice and information…has the befalling to be a analgesic platform,” he says.
No one believed him a few years ago back he said he would body an absolute exchange on the iPhone, Chandra credibility out. “If I didn’t accept a acknowledged aggregation afore that, I wouldn’t accept alike gotten a appellation sheet,” he says. But Poshmark accepted that adaptable could be an advantage in agreement of scaling its business. “And if Apple Watch is activity to be the aing analgesic platform…we charge to be advanced of the curve.”
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