Shasta Ventures leads $6.5M round in Threadflip
Social commerce site Threadflip raises Series A, just two months after a large seed round
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.
Bambi Francisco Roizen
Founder and CEO of Vator, a media and research firm for entrepreneurs and investors; Managing Director of Vator Health Fund; Co-Founder of Invent Health; Author and award-winning journalist.
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Threadflip
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Threadflip is pioneering a new social shopping experience by offering consumers a simple way to convert closets into unique boutiques and connect with buyers and sellers. With a few clicks, users can upload images of clothing, shoes, bags, and jewelry straight from their closet, creating a vast marketplace of thousands of new pieces every day. The company is also piloting its white Glove Service with a select group of users, This service offers an end-to-end selling solution, allowing women to send in their clothing and Threadflip takes care of the rest.
Manik Singh
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