Longtime readers know that Poshmark has been one of our favorite fashion tech apps for a long time; the leadership team is whip smart and loves their customers — and the business model is a solid one.
This morning, it seems that every single one of their initial investors agrees: they’ve announced their $12m Series B. The funding round, led by Menlo Ventures, brings their funding to $15.5 million to date.
It’s a good sign when a company’s investors double down, and we’re excited to watch how Poshmark uses the additional funding to grow. According to their press release, they’ll be spending the money to launch on iPad, Android, and the web, as well as hire some top talent and expand their on- and offline Posh Parties.
We had breakfast last month with Tracy Sun and Manish Chandra, two of Poshmark’s co-founders, and one of the topics discussed was the difference between needing money and being ready for investment. With $100m in online inventory (more than most retailers!) and 2m monthly interactions on the app, Poshmark is clearly poised to use the investment wisely. We can’t wait to watch what happens next!
Liza Kindred is Third Wave Fashion’s founder. Third Wave Fashion has been your fashion tech think tank since 2011. We publish the first ever printed fashion tech magazine, Third Wave. Follow us on Twitter or subscribe to our newsletter to stay on top of the latest in fashion tech + wearables.