Welcome!

News Feed Item

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., Nov. 14, 2017 /PRNewswire/ -- 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.

About Poshmark
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.

About Temasek
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.

For more information, please contact:
Sera Michael
[email protected]
(831) 239-7374

 

View original content:http://www.prnewswire.com/news-releases/poshmark-the-largest-social-marketplace-for-fashion-announces-875-million-in-series-d-funding-led-by-temasek-300555270.html

SOURCE Poshmark

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to clos...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...