REDWOOD CITY — Poshmark, which lets users buy and sell their clothes online, has secured $87.5 million in Series D funding led by Temasek, a sovereign wealth fund of Singapore. Mayfield, Menlo Ventures, GGV Capital, Inventus Capital, Uncork Capital, Union Grove Venture Partners and Cross CreekAdvisors also participated.
With the company’s latest round of financing, Poshmark will focus on expanding into new categories and building immersive, data-driven shopping experiences for its community. Poshmark has now raised over $160 million to date.
In addition to the new round of financing, Poshmark is introducing its latest product innovation, Poshmark Stylist Match, an in-app social styling engine featuring a voice-enabled skill for Amazon Alexa, allowing shoppers to be styled in real-time by Poshmark’s vibrant community of over three million Seller Stylists.
Since 2011, Poshmark has paved the way for the future of shopping by building the most connected commerce experience in the world, with people spending 25 minutes per day on the platform and Seller Stylists sharing seven million items daily. What’s more, one in 50 women in the U.S. is a Seller Stylist on Poshmark, and one in five new community members joining the app are men, demonstrating that the company’s community-driven model is shaping the future of retail. With physical retail on the decline, the personal shopping experience in stores has almost disappeared, and online shopping has never delivered the personal service once associated with shopping in-store. With the launch of social styling on Poshmark, the company is reimagining the way people discover fashion by connecting shoppers with Seller Stylists who match their needs through people-matching algorithms.
Poshmark sellers have over 25 million items from 5,000 different brands.
“Since day one, we’ve focused on building a highly engaged community, enabling our network of Seller Stylists to deliver a shopping experience that’s personal, not just personalized,” said Manish Chandra, founder and CEO of Poshmark. “With the introduction of social styling, we’re revolutionizing the way people shop by combining data, social interactions and people-powered commerce to create the fashion mall for the Instagram generation, and we’re thrilled to welcome Temasek as we further scale the company and continue disrupting the $2.4 trillion global fashion industry.”