Threadflip, the recently-launched fashion e-tailer, announced Tuesday that it's raised $6.5 million in a Series A round of financing, led by Shasta Ventures, and participation from Lowercase Capital, and existing investors First Round Capital and Baseline Ventures. The new funds comes just two months after the company raised $1.6 million in April. Additionally, Tod Francis of Shasta Ventures joined the board.
At the same time, Threadflip also launched an iOS app to allow customers shop on the go. This is clearly an app for someone who loves to shop all the time.
I wrote about Threadflip back in April, and you can read a more detailed post about the way the business works. But basically, Threadflip is an online consignment store, with some added perks like sending a pre-stamped and pre-addressed box to the seller's home so that person doesn't have to go to the post office to mail out an item. The service wants to help women recycle their wardrobe so items, like never-used maternity clothes, or shoes and accessories are found by others who appreciate them, leaving more room in the closet for more impulse buys, err, something more useful. While woman can empty out their closets using Threadflip, the start-up isn't counting on that activity as much as the activity from power sellers. So you're likely to see some goods from consistent sellers. Manik Singh, who founded Threadflip last year, told me that power sellers were the most active on the site.
I've emailed Singh with some questions regarding the progress of the service. Once he answers my questions, I'll fill out this post.