Poshmark

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Poshmark, Inc.
TypePublic
IndustryE-commerce
FoundedMay 10, 2011; 10 years ago (2011-05-10)
FoundersManish Chandra
Tracy Sun
Gautam Golwala
Chetan Pungaliya
HeadquartersRedwood City, California, USA
RevenueIncrease US$262 million (2020)[1]
Number of employees
~300 (2019)[2]
Websiteposhmark.com

Poshmark is a social commerce marketplace where users in the US, Canada, and Australia can buy and sell new or used clothing, shoes, and accessories. The company is headquartered in Redwood City, California.

History[]

The company was launched in 2011 by Manish Chandra.[3]

In November 2017, Poshmark announced that it had raised $87.5 million, at a valuation of nearly $600 million, in venture backed funding led by Singapore-based Temasek. Menlo Ventures, GGV Capital, Mayfield and others also participated, bringing their total to date to $160 million.[4][5]

In a May 22, 2018, interview with Reuters, Poshmark's CEO and founder, Manish Chandra, stated that since Poshmark's launch sellers on the website had earned $1 billion selling clothing and accessories. Reuters reported that "much" of these earnings were "concentrated in a group of sellers making five, six and even seven figures"[6] though the company noted there were 4 million sellers on the service.

On August 1, 2019, the company announced that it had been subject to a data breach impacting the personal and login information of its customers.[7]

On January 14, 2021, Poshmark went public, at a valuation of over $3 billion, listed on the Nasdaq Stock Market under the symbol POSH.[8]

In February 2021, Poshmark allowed users to buy and sell pet accessories and supplies.[9]

References[]

  1. ^ "Poshmark, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results". 11 March 2021.
  2. ^ https://www.42.us.org/wp-content/uploads/2018/10/poshmarkPDF-2.pdf
  3. ^ Johns, Nikara (January 16, 2018). "The 6 Best Online Consignment Shops You Need to Know".
  4. ^ "Poshmark raises $87.5 million for fashion resale marketplace".
  5. ^ Somerville, Heather (14 November 2017). "Online fashion startup Poshmark raises $87.5 million from Temasek". Reuters. Retrieved 10 February 2019.
  6. ^ Somerville , Heather (23 May 2018). "Online fashion marketplace Poshmark says its sellers have made $1 billion". Internet News. Reuters. Retrieved 10 February 2019.
  7. ^ Cox, Joseph (1 August 2019). "Clothing Resale Marketplace Poshmark Announces Data Breach". Vice Media. Retrieved 1 August 2019.
  8. ^ Scott, Charity (13 January 2021). "Poshmark Set to Join IPO Boom". Wall Street Journal. Retrieved 14 January 2021.
  9. ^ "Poshmark, Inc. Launches Pets Category". investors.poshmark.com. Retrieved 2021-06-27.
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