Poshmark, the Largest Social Marketplace for Fashion, Announces $87.5 Million in Series D Funding Led by Temasek
With its latest round of funding from top investors, the leader in mobile commerce introduces an innovative social styling skill for Amazon Alexa
REDWOOD CITY, Calif., November 14, 2017-- Today, Poshmark, the largest social marketplace for fashion where anyone can buy, sell and share their style with others, announces $87.5 million in Series D funding led by Temasek, an investment company headquartered in Singapore, bringing the company's total funding to nearly $160 million. Mayfield, Menlo Ventures, GGV Capital, Inventus Capital, Uncork Capital, Union Grove Venture Partners and Cross CreekAdvisors also participated. In addition to the new round of financing, Poshmark is introducing its latest product innovation, Poshmark Stylist Match, an in-app social styling engine featuring a voice-enabled skill for Amazon Alexa, allowing shoppers to be styled in real-time by Poshmark's vibrant community of over three million Seller Stylists.
As the pioneer of social commerce since 2011, Poshmark has paved the way for the future of shopping by building the most connected commerce experience in the world, with people spending 25 minutes per day on the platform and Seller Stylists sharing seven million items daily. What's more, one in 50 women in the U.S. is a Seller Stylist on Poshmark, and one in five new community members joining the app are men, demonstrating that the company's community-driven model is shaping the future of retail. With physical retail on the decline, the personal shopping experience in stores has almost disappeared, and online shopping has never delivered the personal service once associated with shopping in-store. With the launch of social styling on Poshmark, the company is reimagining the way people discover fashion by connecting shoppers with Seller Stylists who match their needs through people-matching algorithms.
Beginning today, Poshmark's first-ever voice-enabled social styling engine, Poshmark Stylist Match, can be easily accessed via Amazon Alexa, addressing a hole in today's shopping experience by connecting shoppers with real people who understand their styling needs. Whether consumers are looking for a date night outfit or athletic apparel, Poshmark Stylist Match pairs shoppers with Seller Stylists who create customized looks for a variety of occasions that appear in the Poshmark app, in minutes.
How Poshmark Stylist Match works:
•Ask Alexa: "Alexa, ask Poshmark to style me."
•Choose a theme: Shoppers will be prompted by Alexa to request which event they are looking to be styled for. Shoppers can choose from themes such as "Date Night," "Fall Trends," "Casual Weekend," "Athleisure," "Brunch with Friends," "Girls' Night Out," "Day at the Office," "Cozy Staples" and "Cocktail Party."
•Receive curated looks: Shoppers will be matched with top Seller Stylists who will deliver a diverse mix of style suggestions right to the shopper's Dressing Room in minutes.
"Since day one, we've focused on building a highly engaged community, enabling our network of Seller Stylists to deliver a shopping experience that's personal, not just personalized," said Manish Chandra, founder and CEO of Poshmark. "With the introduction of social styling, we're revolutionizing the way people shop by combining data, social interactions and people-powered commerce to create the fashion mall for the Instagram generation, and we're thrilled to welcome Temasek as we further scale the company and continue disrupting the $2.4 trillion global fashion industry."
With the company's latest round of financing, Poshmark will focus on expanding into new categories and building immersive, data-driven shopping experiences for its community. For more information, please visit Poshmark.com and to download the latest version of the app for iOS and Android, visit the App Store or Google Play.
Founded in 2011, Poshmark is the largest social marketplace for fashion where anyone can buy, sell and share their style with others. Poshmark's mission is to make shopping simple and fun by connecting people around a shared love of fashion, while empowering entrepreneurs to become the next generation of retailers. Recognized as the go-to shopping destination for millennials, Poshmark's community of over three million Seller Stylists help shoppers discover the perfect look from over 25 million items and 5,000 brands. The company is backed by the world's leading investment firms and venture capital institutions including Mayfield, Menlo Ventures, GGV Capital, Temasek, Inventus Capital, Uncork Capital, Union Grove Venture Partners, Shea Ventures and AngelList. For more information, please visit www.poshmark.com, or find us on Instagram, Twitter, Pinterest and Snapchat.
Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 10 offices globally; including New York and San Francisco in the U.S., London in Europe, Beijing in China, and Mumbai in India, Temasek owns a S$275 billion (US$197b) portfolio as of 31 March 2017, mainly in Singapore and the rest of Asia. Temasek's portfolio covers a broad spectrum of industries: telecommunications, media & technology; financial services; transportation & industrials; consumer & real estate; life sciences & agriculture; as well as energy & resources. Temasek's current and prior investments in the U.S. include Airbnb, Ancestry.com, ClassPass, Dell Technologies, Global Healthcare Exchange, Intapp, Internet Brands, Jasper, Jet.com, SoundCloud, Univar, Verily Life Sciences, Virtu Financial, and Wish. For more information, visit www.temasek.com.sg.
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