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Friday, December 9, 2022

Poshmark: Redwood City-based online community for used goods

Pamela Cruz. Peninsula 360 Press

Redwood City. Poshmark, an online community through which people can offer items such as secondhand clothing and shoes, filed plans to go public.

The Redwood City-based company did not detail what the IPO date or other details would be. Poshmark was expected to go public last year, but delayed its plans to focus on boosting sales and improving its operation.

The announcement follows five public offerings in recent weeks that ended a nine-month drought in the Bay Area technology markets.

Also, the announcement follows reports last month that rival San Francisco-based ThredUp Inc. is planning an IPO next year that could raise between $200 million and $300 million.

Two other placements through direct listings are also expected this week from Palantir Technologies Inc. and Asana Inc. as well as one from Velodyne Lidar Inc. through a "blank check" merger.

Led by Manish Chandra, Poshmark runs a social commerce marketplace where users can buy and sell second-hand luxury clothing, shoes and other accessories, as well as comment on and review items.

While tennis champion Serena Williams joined the company's board of directors in 2019, with Poshmark recently expanded its market to other segments, such as home d├ęcor.

The firm has raised around $166 million in funding since inception (2011) and was valued at $625 million after a late-stage round in 2017. Investors include GGV Capital, Uncork Capital and Mayfield Fund.

According to a report by ThredUp, another leading company in the secondhand retail sector, detailed that 52 percent of consumers plan to spend more on secondhand fashion over the next five years. The report also predicts that the secondhand market will account for 17 percent of the overall apparel market share by 2029, to rank second only to the discount segment.

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