With one in every fifty American women currently running a fashion boutique on Poshmark, the social commerce leader heads towards new categories and expansion with funding from top investors
REDWOOD CITY, Calif., – April 13, 2016 – Today Poshmark, the largest community marketplace for fashion where anyone can buy, sell and share their personal style, announced $25 million in new funding led by GGV Capital, bringing the company’s total funding to over $70 million. All previous investors – Mayfield, Menlo Ventures, Inventus Capital, Union Grove Venture Partners, Shea Ventures, AngelList and SoftTech VC – participated in the round. In addition to the new financing, Hans Tung, Managing Partner at GGV Capital, has joined Poshmark’s board of directors.
Over the last four years, Poshmark has focused on building a passionate community of women who can connect, buy and sell from each other – right from their phones. The key to Poshmark’s growth lies within its vibrant community where women help each other discover new items, leading to an order being placed every two seconds. These Poshmark “Stylists” create a unique social merchandising engine – when they curate the best items to their followers they help match supply and demand – leading to better discovery for buyers and more sales for sellers. Women are curating over four million items daily and hundreds of millions of pieces of social and commerce data are processed every day. The result is an addictive community-driven shopping experience where women can directly connect with each other and everything they see and love is immediately available for purchase.
The company recently extended its shopping platform into the retail industry, giving both big and independent fashion brands the opportunity to sell merchandise through Poshmark’s massive seller network. By adding these influential sellers as a new retail force, brands can now reach a huge mobile shopping audience of millions of women already spending 25 minutes per day in the app and opening it 7-8 times daily.
“Poshmark has set the standard for social commerce in the U.S.,” said Hans Tung, Managing Partner at GGV Capital and an investor in Xiaomi, Wish, RED (Xiaohongshu), Airbnb and Slack. “By building a platform that supports its community, the company has been able to foster a uniquely scalable shopping environment where sellers can build social influence to help drive discovery and sales. Poshmark is poised for massive global growth and I’m excited to join them as they become a force to be reckoned with in retail.”
“We are thrilled to welcome Hans to our board of directors,” said Manish Chandra, founder and CEO of Poshmark. “With his global perspective and resources on what’s working in social commerce, he will be an invaluable partner as we look towards aggressive expansion in both product categories and global markets. At Poshmark, we’ve taken a bold approach to re-imagine the retail experience for today’s mobile shopper. Personal connection is lost in e-commerce where price and product reign supreme. We’ve recreated the social experience of shopping in the real world online, filled with excitement and delight where people can easily connect with one another, feel empowered, receive peer recommendations, discover new brands and seamlessly transact all on one trusted mobile platform.”
Founded in 2011, Poshmark is the largest social commerce marketplace for fashion where anyone can buy, sell and share their personal style. With millions of shoppers and over 1.5 million sellers, Poshmark brings together a vibrant community everyday to express themselves and share their love of fashion. The company has made it so simple to sell your style that the Poshmark community uploads over three million dollars worth of inventory into the marketplace every day – right from their phone. Poshmark has raised over $70 million in funding from GGV Capital, Mayfield, Menlo Ventures, Inventus Capital, Union Grove Venture Partners, Shea Ventures, AngelList, and SoftTechVC. For more information, please visit www.poshmark.com.
About GGV Capital
GGV Capital is a venture capital firm founded in 2000 with the unique idea to have one team investing in both China and the US. With $3.8 billion under management across 8 funds, the GGV portfolio includes Airbnb, Alibaba, Appirio, Boxed, Buddy Media, Didi Chuxing, Domo, EHANG, FlightCar, GrabTaxi, HotelTonight, Houzz, IWJW, Keep, Meilishuo, Misfit, Musical.ly, Nimble Storage, Niu, Opendoor, Pactera, Pandora Media, Percolate, Poshmark, Quixey, Qunar, Slack, SoundCloud, Square, SuccessFactors, Synack, Tile, Tujia, UCWeb, Wish, Xiaohongshu (aka RED), Yangche Diandian, Youku Tudou, YY, Zendesk, Zepp, and 51credit. www.ggvc.com | Twitter: @GGVCapital | WeChat: GGVCapital