Temasek Holdings to enter online fashion
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Singapore state investor Temasek Holdings has led a new round of equity funding for US second-hand fashion marketplace Poshmark.
Poshmark plans to use the cash to expand its footprint across Asia, broaden its product categories and develop data-driven shopping experiences. It will also introduce its voice-enabled Stylist Match service. Accessed via Amazon Alexa, this aims to offer shoppers a personalised experience through engaging with seller stylists on its platform.
Founded in 2011, Poshmark hosts about 5000 brands and sells up to 7 million items daily.
The latest funding round raised US$87.5 million, led by Temasek, with support from GGV Capital, Inventus Capital, Mayfield, Menlo Ventures, Uncork Capital and Union Grove Venture.
That takes the aggregate equity investment in the business to date to $160 million.
Questions & Answers
Q.What is the total equity investment Poshmark has received to date?
What is the total equity investment Poshmark has received to date?
Including this latest round, the total equity investment in Poshmark has reached $160 million. This aggregate sum represents all funding received since its founding.
Q.What specific new service will Poshmark introduce using the new funding?
What specific new service will Poshmark introduce using the new funding?
Poshmark will introduce a voice-enabled Stylist Match service. This service, accessible via Amazon Alexa, aims to provide personalised shopping experiences through seller stylists.
Q.Which other investment firms participated in this funding round alongside Temasek Holdings?
Which other investment firms participated in this funding round alongside Temasek Holdings?
GGV Capital, Inventus Capital, Mayfield, Menlo Ventures, Uncork Capital, and Union Grove Venture all supported this funding round. Temasek Holdings led the US$87.5 million investment.
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