Poshmark is the Largest Social Marketplace for Fashion
Founders: Manish Chandra (CEO), Tracy Sun, Gautam Golwala, Chetan Pungaliya
Equity Raised: $160 million
Estimated 2018 Revenue: $140 million
Lead Investors: Mayfield Fund, Menlo Ventures, GGV Capital
Originally created as an app to re-sell women’s clothes, Poshmark has grown from 1,000 users in 2012 to over 40 million today. It’s expanded from its core of women’s fashion into men’s, kids, plus sizes and even luxury and cosmetics. Poshmark takes a 20% cut of every sale, which puts the company on track to bring in an estimated $140 million in revenue.
Poshmark is a web and mobile-based platform that allows users to buy and sell clothes, footwear, handbags and accessories. Recognized as the go-to shopping destination for millennials, Poshmark’s community of over two million Seller Stylists help shoppers discover the perfect look from over 25 million items and 5,000 brands.
Poshmark has acquired Totspot Inc on Oct 13, 2016. Poshmark’s top competitor is Tradesy, led by Tracy DiNunzio, who is their Founder & CEO. Poshmark has 1,212,840 monthly app downloads & 19,990,458 monthly web visitors.
What’s the Difference? Innovation:
Poshmark creates value for sellers by providing them access to buyers. Likewise, it creates value for buyers by providing them access to sellers. The bonus for Poshmark is that buyers can easily become sellers, adding value to Poshmark’s platform/environment.
Poshmark is a “social selling app”. This means that social aspects like following and sharing are important, which makes it more time consuming. Shipping rates are lower on Poshmark.