California-based mobile fashion marketplace, Poshmark has raised $25 million in series C round from Mayfield, Menlo Ventures, Inventus Capital, Union Grove venture Partners, Shea Ventures and SoftTech VC. The company had also launched its app for Android and iOS users, where any woman can buy, sell and share her personal style.
With this new funding, the company plans to move into new verticals including men’s and children’s items, hire more staff and expand internationally into parts of Europe and Asia.
The company has now grown its online community to include million of registered users, and is on the way to double its revenue in just six months this quarter to $200 million in annual sales. As per company’s founder and CEO Manish Chandra, there are over 700,000 sellers on the platform with more than 10 million items for sale.
Its sellers upload over $2 million of new inventory daily to its service and the company processes millions of orders daily. The company has also benefited from its “mobile-first” approach, where over 90% of users are on mobile and over 90% of revenue comes from mobile as well.
It competes with online luxury store, Real Real which also secured $40 million in new funding this month.