Poshmark Raises $12 Million Series B Round
Poshmark is a mobile application that lets you buy and sell fashion. Poshmark has raised 12 million in Series B funding led by Menlo Ventures. Existing investors in this round that participated in this round include Mayfield Fund, Inventus Capital, and SoftTech VC.
The app allows women to quickly take a photo of their clothing and sell it to Poshmark. Poshmark is adding items at a rate of around $100 million per year. Some users are opening up Poshmark seven times per day for a total of 25 minutes.
After purchasing an item from a Poshmark user, the seller will get a shipping label. If the buyer is not satisfied with the item, he or she can send it back. The payment is only released to the seller if the buyer is satisfied.
Poshmark also organizes in-person “Posh Parties.” Women can buy items like handbags, jewelry, spring fashion, etc. at the Posh Parties.