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Poshmark in talks to raise funding

Business

Poshmark in talks to raise funding

By Kristopher Fraser

Aug 16, 2017

Poshmark, the app and online selling service for people looking to get their hands on second-hand clothing, is taking the next step in their business plan and looking to raise funding. They are currently in talks to raise 50 million dollars in a funding round that could value the startup at 600 million dollars. The news first broke on Business of Fashion.

The online marketplace for second hand fashion has become a major part of the retail market thanks to sites like Poshmark, Tradesy and The Real Real.

Poshmark is in talks with Morgan Stanley to negotiate with equity investors. No further details have been revealed at this time, as both Poshmark and Morgan Stanley are remaining very private about the matter. A rep for neither company was immediately available for comment.

Poshmark already has a substantial list of venture capital partners including GGV Capital, Menlo Ventures, Mayfield Fund and SoftTech VC. Actor Ashton Kutcher is also one of their investors.