Poshmark is a

social commerce Social commerce is a subset of electronic commerce that involves social media and online media that supports social interaction, and user contributions to assist online buying and selling of products and services. More succinctly, social commerce ...

marketplace where users can buy and sell new and secondhand fashion, home goods, and electronics. The platform has over 80 million users, with over 200M available listings. The company is headquartered in

Redwood City, California Redwood City is a city on the San Francisco Peninsula in Northern California's Bay Area, approximately south of San Francisco, and northwest of San Jose. Redwood City's history spans its earliest inhabitation by the Ohlone people to being a ...

, with offices in Canada (Vancouver), Australia (Melbourne), and India (Chennai). The company operates as an independent subsidiary of

Naver Corporation The Naver Corporation is a South Korean internet conglomerate headquartered in Seongnam that operates the search engine Naver. Naver established itself as an early pioneer in the use of user-generated content through the creation of the onlin ...

since January 2023.

History

Prior to Poshmark, Manish Chandra founded the social shopping company Kaboodle. After selling Kaboodle to Hearst in 2007, Poshmark was founded in 2011 by Chandra, Tracy Sun, Gautam Golwala, and Chetan Pungaliya in Manish’s garage. In November 2017, Poshmark announced that it had raised $87.5 million in Series D funding, at a valuation of nearly $600 million, in venture backed funding led by

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

-based

Temasek Temasek (also spelt Temasik) is an early recorded name of a settlement on the site of modern Singapore. The name appears in early Malay and Javanese literature, and it is also recorded in Yuan and Ming Chinese documents as ''Danmaxi'' ( or ). ...

Menlo Ventures Menlo Ventures is a venture capital firm based in Menlo Park, California with an additional office in San Francisco, California. The firm was founded as one of the earliest venture capital firms in Silicon Valley in 1976 and provides technology ...

GGV Capital GGV Capital is a global venture capital firm that invests in seed-to-growth stage investments across Consumer/New Retail, Social/Internet, Enterprise/Cloud and Smart Tech sectors. The firm was established in 2000 in Singapore and Silicon Valley, ...

, Mayfield and others also participated, bringing their total to date to $160 million. In a May 22, 2018, interview with Reuters, Poshmark's CEO and founder, Manish Chandra, stated that since Poshmark's launch sellers on the website had earned $1 billion 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" On January 14, 2021, Poshmark went public, at a valuation of over $3 billion, listed on the

Nasdaq Stock Market The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

under the symbol POSH. In October 2021, Poshmark announced its first acquisition, Suede One, a platform for checking the authenticity of sneakers. In October 2022, South Korean internet conglomerate

agreed to buy Poshmark for a total enterprise value of US$1.2billion. The acquisition finalized in January 2023.

International expansion

Poshmark announced its first international expansion to Canada in May 2019. As of May 2021, there are over 2.5 million Poshmark users in Canada who have listed nearly half a billion dollars worth of inventory. In February 2021, Poshmark announced its expansion to Australia as part of its strategy to drive long-term growth through international expansion, starting with English-speaking countries. It later expanded into India.

References

{{Reflist Companies based in Redwood City, California American companies established in 2011 Retail companies established in 2011 Internet properties established in 2011 2011 establishments in California Online marketplaces of the United States 2021 initial public offerings Companies formerly listed on the Nasdaq 2023 mergers and acquisitions American subsidiaries of foreign companies