Poshmark

Poshmark is a social commerce marketplace where people in the United States can buy and sell new or used clothing, shoes, and accessories. The company is headquartered in Redwood City, California.

Poshmark
IndustryE-commerce
Founded2011 (2011)
FoundersManish Chandra
Tracy Sun
Gautam Golwala
Chetan Pungaliya
HeadquartersRedwood Shores, CA USA
Number of employees
300 (2019)
Websiteposhmark.com

History

The company was launched in 2011 by Manish Chandra.[1]

In November 2017, Poshmark announced that it had raised $87.5M in venture backed funding led by Singapore-based Temasek. Menlo Ventures, GGV Capital, Mayfield and others also participated. They have raised a total of $160M to date.[2]

In a May 22, 2018, interview with Reuters, Poshmark's CEO and founder, Manish Chandra, stated since Poshmark's launch sellers on the website had earned $1B 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"[3] though the company noted there were 4 million sellers on the service.

Previously, Reuters reported Poshmark had raised $87.5 million "at a valuation of nearly $600 million."[4]

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.[5] Despite this news, Poshmark's official statement on the breach claims that "the data acquired does not include any financial or physical address information, and we do not believe your password was compromised. Regardless, we recommend that you change your password as a precaution and security best practice."[6]

References
  1. Johns, Nikara; Johns, Nikara (January 16, 2018). "The 6 Best Online Consignment Shops You Need to Know".
  2. "Poshmark raises $87.5 million for fashion resale marketplace".
  3. Somerville , Heather (23 May 2018). "Online fashion marketplace Poshmark says its sellers have made $1 billion". Internet News. Reuters. Retrieved 10 February 2019.
  4. Somerville, Heather (14 November 2017). "Online fashion startup Poshmark raises $87.5 million from Temasek". Reuters. Retrieved 10 February 2019.
  5. Cox, Joseph (1 August 2019). "Clothing Resale Marketplace Poshmark Announces Data Breach". Vice Media. Retrieved 1 August 2019.
  6. Chiang, Michelle (22 June 2020). "A Brief History of Poshmark". SuperPosher. Retrieved 22 June 2020.
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