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Poshmark raises $87.5 million Series D, eyes expansion

The fashion resale social network Poshmark[1] is announcing that it’s raised £87.5 million in Series D funding.

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The company also introduced a significant app update on Tuesday that lets sellers act as virtual stylists. It’s called the Poshmark Stylist Match, and it gives sellers the ability recommend items in near-real time that are tailored to the style of buyers. In addition to the Poshmark app, users can also access Stylist Match via a voice-enabled skill for Amazon Alexa.

Poshmark — which now has nearly 3 million registered sellers — launched in 2011 as a digital consignment store and fashion marketplace with a mobile-first approach[2]. Its goal early on was to a build a social network experience out of its web of buyers and sellers. The startup exists alongside several venture-backed consignment sites like The Real Real[3] and ThredUp, but Poshmark’s business model differentiates a bit from the pack.

Poshmark does not buy inventory from sellers, which lowers its costs, and instead makes money by taking a 20 percent cut from every sale. The company also has a wholesale portal that lets sellers become wholesalers on behalf of 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,” Poshmark CEO Manish Chandra said in a statement. “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.”

The company has raised over £160 million in the past six years from high-profile investors including GGV Capital, Menlo Ventures, Mayfield Fund and SV Angel. This latest round was led by the Singapore-based investment company Temasek. With this latest round of financing, Poshmark plans to expand into new categories and invest in “building immersive, data-driven shopping experiences for its community.”

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Macy’s, Kohl’s feel brick-and-mortar squeeze as customers go online[4] Both department store chains are struggling to increase same-store sales, but e-commerce is showing gains. Amazon brings augmented reality feature AR View to Amazon app[5]

The in-app feature, built using Apple’s ARKit, lets users visualize items inside their homes before making a purchase.

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References

  1. ^ Poshmark (poshmark.com)
  2. ^ fashion marketplace with a mobile-first approach (www.zdnet.com)
  3. ^ The Real Real (www.racked.com)
  4. ^ Macy’s, Kohl’s feel brick-and-mortar squeeze as customers go online (www.zdnet.com)
  5. ^ Amazon brings augmented reality feature AR View to Amazon app (www.zdnet.com)
  6. ^ Q&A: How Rent the Runway dazzles shoppers with data (www.zdnet.com)

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