Tuesday saw the announcement of a $3.5M Series A funding for Poshmark, an online fashion marketplace, as well as the launch of the company's new mobile app, which enables users to browse, buy, sell, and trade items of clothing. Poshmark users meet each other in "Posh Parties," real-time shopping events held digitally on the app.
The Poshmark app is currently being sold at Apple's AppStore for iOS.
One uses tPoshmark by taking a photo of the clothing item or accessory, uploading it, choosing from a variety of photo filters to enhance the quality of the image, and then posting it for trade of sale.
If someone buys a given user's item, Poshmark processes the credit card information of the buyer as well as sends the seller a shipping label. The seller posts the item, and when the buyer has gets the package, he or she "receives" it on the app and payment is released to the seller. In addition to automated shipping labels, the app also has a customer service line.
Poshmark makes money off of the transaction by taking a 20% commission on all sales.
"Poshmark is a place where people can shop for and sell fashion, straight from their iPhone," said a Poshmark representative to VatorNews. "[Our] Posh Parties have fun themes such as 'Bold Accessories' or 'Designer Handbags' to help inspire people to list and also to add to the fun. Poshmark is also a great place to find someone whose style you adore and shop their closet."
These Posh Parties have a strong social networking element to them, as users are able to discuss items of common interest in comments or connect with other users with similar taste.
Poshmark was founded in early 2011 by Manish Chandra, Gautam Golwala, Chetan Pungaliya, all formerly of Kaboodle, as well as fashion industry executive Tracey Sun. Tuesday's funding was led by the Mayfield Fund, as well as previous Kaboodle investors Kanwal Rekhi through Inventus Capital, Jeff Clavier through SoftTechVC and Ron Conway through SV Angel.
Headquartered in Menlo Park, CA, Poshmark currently has eight full-time employees. "We expect that growing the users and number of parties hosted weekly will be [our[ two key success metrics," said Poshmark to VatorNews. "We plan to use the funding to grow and enhance our product offering."