Poshmark is an online marketplace start-up that allows users to buy and resell their fashion items online. Chief executive and co-founder Manish Chandra explains more.
Investment: Poshmark has raised over $70m (£53.4m) in funding from investors including Menlo Ventures and AngelList
Founders: Manish Chandra, Tracy Sun, Chetan Pungaliya and Gautam Golwala
What it does
Poshmark is a US-based start-up that allows users to buy and sell their clothing online across menswear, womenswear and childrenswear.
The online marketplace, which shoppers can access through an ecommerce website or mobile app, allows users to list items for sale in their own online store, or ‘closet’ and set their preferences so that they only see clothing items that correlate with their interests and clothing size.
The business was founded five years ago but is growing at pace – according to Poshmark, one in 50 women in the US uses the social commerce platform and more than $3m (£2.29m) worth of inventory is listed on the online marketplace every day.
Why it’s different
Poshmark’s online marketplace is designed around mobile and intended to enable users to socialise and follow fashion accounts that they like as well a buy and sell clothing.
The platform currently only operates in the US but has amassed 1.5 million sellers since it launched and is planning to roll out its offer across Canada, Europe and Australia.
Chandara says: “Unlike other ecommerce companies, we’re the first to build social and commerce side by side to create an infinitely scalable marketplace that fosters the discovery of new items.
“By combining social and commerce together from the beginning, Poshmark has been able to grow a powerful fashion community where anyone can build an engaged customer base and be successful selling their style.”
More information: poshmark.com