|By PR Newswire||
|December 4, 2012 07:01 AM EST||
MENLO PARK, Calif., Dec. 4, 2012 /PRNewswire/ -- Poshmark, the fastest-growing mobile marketplace for fashion, today announced the closing of $12M in Series B financing led by investment firm Menlo Ventures, bringing the company's funding to $15.5M to date. Existing investors Mayfield Fund, Inventus Capital, and SoftTech VC also participated in the round. Poshmark intends to use the capital to support its rapidly growing community, expand into new platforms, and add world-class talent to the team.
"Poshmark has created a one-of-a-kind, inclusive community where diverse women across America are coming together to connect around a shared love for fashion," said Manish Chandra, CEO & Founder of Poshmark. "With over 70% of our buyers also selling items, our new vibrant commerce model is set to make a mark on the $300B fashion market by empowering women to unlock the value of their closets."
Since its debut a year ago, Poshmark has leveraged heightened consumer confidence around selling clothing and accessories in order to buy new ones, its mobile-first strategy, and innovative real-time shopping events, to anchor its first-mover advantage. Key milestones include:
- Users add items from their closets to the marketplace at the rate of $100M a year, making Poshmark's virtual inventory more robust than most physical retailers in the U.S.
- Addicted users engage an average of 7 times a day for a total of 25 minutes daily, making Poshmark a top mobile app for most users.
- A social community with over two million monthly interactions between members as they shop, share and communicate with one another about their closets.
"Nothing in my closet is safe anymore. If I don't wear it, I'll sell it on Poshmark and use the money to buy something that I will really love," said Mackenzie Lachey, a 24-year-old cake business owner and Ohio resident who has bought and sold over 300 times in her first three months on the app. "I tag other Poshmarkers who share a common style with me on items I think they'd like. We're always looking out for each other. It makes buying and selling a lot more personal."
With the introduction of iPad, Android and web on the horizon for 2013, the company is directing the funds towards meeting user demand and expanding Poshmark's availability across all platforms while continuing to build upon the strength of the existing community. They plan to add top talent to the team and continue to connect with users online and offline with their unique Posh Parties.
"We couldn't be more excited to lead this investment round in Poshmark," said Pravin Vazirani, Menlo Ventures Managing Director. "We always look at the most disruptive players in each sector and with Poshmark's engaged community, infinite scaling possibilities, and innovative mobile-first approach, they are the clear winner."
"Poshmark has made great progress and flawlessly executed on their vision for building an innovative shopping experience," said Navin Chaddha, Mayfield Managing Director. "With their simplicity of design, real-time curation, and symmetric buyer/seller equation, we believe they are leading the charge in mobile marketplaces."
Poshmark joins the ranks of leading consumer marketplaces and innovative brands in the Menlo Ventures and Mayfield Fund portfolios, including Fab.com, Uber, Lyft, and Siri.
Poshmark is a mobile marketplace for fashion built around real-time social experiences. Core to the Poshmark experience are Posh Parties, which are themed, real-time shopping events where people gather to shop, share, and sell fashion right from their phones. Poshmark's vibrant community brings fashion lovers together to share their individual style, turning every closet into a unique shopping experience. Founded in 2011, Poshmark is headquartered in Menlo Park, CA. For more information, please visit www.poshmark.com. Poshmark's free iPhone App can be downloaded from bit.ly/poshmark.
Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors, with the current portfolio including 41 consumer companies and 19 enterprise companies. For decades, the firm's market-driven research analysis has led to the identification of and successful exits in innovative technology markets. Notable research-areas of investment include Mobile (Siri, MobiTV, TeleNav), Enterprise storage (3Par), Communications (Acme Packet, Cavium Networks), and Consumer (Carbonite, Roku). Founded in 1976, Menlo's portfolio includes 70 public companies and more than 100 mergers and acquisitions. Throughout the firm's history, Menlo's deep network of portfolio entrepreneurs, angels and advisors are a key resource made available to all of our family of investments. Menlo Ventures has $4 billion under management and is currently investing Menlo Ventures XI, a $400M fund with $20m allocated to our Menlo Talent Fund for fast seed funding. For more information, visit www.menlovc.com.
About Mayfield Fund
Mayfield Fund is a global venture capital firm with over $3 billion under management and a 43-year history of investing in relationships. Mayfield invests primarily in early-stage IT companies that leverage the drivers of mobile, cloud/Saas, social, energytech, and big data. Since its founding in 1969, the firm has invested in more than 500 companies, resulting in over 100 IPOs and more than 100 mergers or acquisitions. For more information, visit www.mayfield.com.
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 14, 2016 03:00 PM EST Reads: 270
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 14, 2016 02:30 PM EST Reads: 303
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Feb. 14, 2016 02:30 PM EST Reads: 163
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 14, 2016 01:00 PM EST Reads: 463
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
Feb. 14, 2016 01:00 PM EST Reads: 125
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 14, 2016 12:15 PM EST Reads: 482
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 14, 2016 12:00 PM EST Reads: 294
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 14, 2016 12:00 PM EST Reads: 169
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 14, 2016 11:45 AM EST Reads: 172
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 14, 2016 10:00 AM EST Reads: 240
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Feb. 14, 2016 10:00 AM EST Reads: 108
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
Feb. 14, 2016 09:00 AM EST Reads: 109
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
Feb. 14, 2016 08:30 AM EST
SYS-CON Events announced today that FalconStor Software® Inc., a 15-year innovator of software-defined storage solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. FalconStor Software®, Inc. (NASDAQ: FALC) is a leading software-defined storage company offering a converged, hardware-agnostic, software-defined storage and data services platform. Its flagship solution FreeStor®, utilizes a horizonta...
Feb. 14, 2016 07:30 AM EST
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Feb. 14, 2016 05:00 AM EST
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 14, 2016 04:00 AM EST Reads: 268
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 14, 2016 03:45 AM EST Reads: 485
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 14, 2016 02:00 AM EST Reads: 449
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 13, 2016 11:15 PM EST Reads: 324
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 13, 2016 08:00 PM EST Reads: 161