Poshmark announces $25 million in funding
Poshmark, the largest fashion community marketplace for women, on Tuesday announced that it has raised $25 million in Series C funding. The new financing from Mayfield, Menlo Ventures, Inventus Capital, Union Grove Venture Partners, Shea Ventures, and SoftTech VC brings the company’s total funding to $47.2 million.
The investment comes as the company expects to double its revenue in just six months since hitting $200 million in annual sales. Last year, the company’s focus was building the marketplace to create a seamless buying and selling experience. The latest Series C round will help Poshmark focus on scaling the business to work closely with designers and brands, and expand beyond women’s fashion.
Since the company’s launch in 2011, it has focused strongly on the mobile sector to build a community of women to connect, buy and sell to each other via their mobile devices.
In addition to the Series C round, Poshmark will unveil its first generation app on the Apple Watch. The app will feature real-time personalized updates for shoppers including new inventory listings and price notifications. This new integration is expected to increase Poshmark's already heavy user engagement, claiming that women spend up to 25 minutes per day in the app, opening it up to 9 times each day.
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