California-Headquartered e-commerce marketplace, Threadflip has raised USD 13 million in Series B round. The round was led by Norwest Venture Partners with participation from the existing investors Baseline Ventures, First Round Capital and Shasta Ventures. Earlier, it had secured USD 6.5 million in Series A and USD 1.6 million in Seed round. The latest round brings the total capital of the company to date is USD 21.1 million.
The company aims to utilize the raised funds to hire at least 20 more merchandising and operations people to help deal with the demand of its popular white glove service offering known as the Concierge Full Service.
Tech Crunch says: According to a company statement,”The Concierge Full Service is now Threadflip’s fastest growing and most popular service, over 78 percent of accessories and apparel are ultimately sold when listed using the Concierge Full Service.”
This service allows women to order a “closet refresh package” from the company’s mobile app or website and create a peer-to-peer shopping experience. Threadflip was launched by CEO Manik singh and CTO Jeff Shiau.
According to CEO Manik Singh this service has been growing more than 100 percent month-over-month since its launch earlier this year and there are over 1000 Concierge Full Service kits ordered per day on the site. Also, the company has been talking about expanding to other verticals beyond just women’s clothing and that Threadflip is in the middle of some bigger partnership deals as well, but he wasn’t ready to disclose those deals just yet.
To contact the author, email at firstname.lastname@example.org.