ThredUP operates an online marketplace for buying and selling second‑hand clothing. Last week it announced a $175 million round of funding. To fill technical vacancies the company expanded remote engineering hiring and now almost half of its engineering team is based in Ukraine, with 34 members. The platform is available in 44 countries (Ukraine is not among them). Ukrainian engineers moved into a dedicated floor in a Kyiv office and contract with outsourcing business service provider Alcor, which handles legal and financial matters. Several developers were hired via Toptal; the company had 15 Ukrainian staff by October 2017 and has since grown that team. The time difference between the Ukrainian office and the US head office is 10 hours. thredUP operates an online marketplace that individually vets and sells used apparel, with a current focus on women's and children's clothing. The company has processed 11 million items to date. It sorts and inspects inventory using staff at two East and West Coast facilities, each exceeding 125,000 square feet. thredUP raised an $81M Series E led by Goldman Sachs Investment Partners and has raised over $125M in total to date. CEO James Reinhart said the new funding will be used to expand operations to meet customer demand. The company emphasizes creating a more trusted, higher-quality secondhand shopping experience to change consumer behavior around buying and selling used apparel. thredUP operates as an online consignment marketplace. The company recently filed paperwork with the U.S. SEC related to a Series D financing. The filing is described in TechCrunch as a $23 million Series D while also stating thredUP is seeking a total of $25 million in equity funding. The filing names prior backers Highland Capital Partners, Trinity Ventures and Redpoint Ventures alongside new filers including Clinkle, Netflix operations officer Andy Rendich, CEO/co‑founder James Reinhart and Greg Bettinelli of Upfront Ventures. If completed as disclosed, the round would bring thredUP’s total funding to just over $46 million. TechCrunch notes that this total is more than double the amounts raised by rivals Twice, Poshmark and Threadflip. thredUP operates an online consignment marketplace focused on kids' apparel, curating and selling gently used clothing through a centralized fulfillment operation. The company runs a 60,000-square-foot distribution center in San Leandro and employs close to 100 people, with about 30 staff in San Francisco. It reports strong traction: trending toward 400,000 customers, roughly 7,000 new paying customers per month, a 46% repeat customer rate, 65,000–70,000 items in its catalog, 75% growth in back-to-school sales and an 84% increase in back-to-school traffic. Earlier this year thredUP refocused away from a peer-to-peer swap to a controlled consignment model to improve quality and accelerate growth. Future plans include opening an East Coast distribution center (early 2013) and a southern warehouse thereafter, and expanding into teen, maternity, women’s and men’s apparel (teen planned to go live around this time next year). The company is investing in automation and computer-vision tools to scale manual processes and plans to hire additional operations staff and engineers. Remaining funding will be used to support customer acquisition and geographic expansion of fulfillment. thredUP operates an online swapping platform focused on kids clothes and is expanding into toys, books and maternity categories. The company was co-founded in 2009 by James Reinhart, Oliver Lubin and Chris Homer and is based in San Francisco, CA. thredUP plans to use new funding to expand its development team, improve its core product offering and grow its membership base. The company is also exploring international opportunities and loyalty partnerships with major retailers. Financially, the company has raised $7M and completed an $8.7M Series B funding round, after previously raising $1.7M in July 2010. In conjunction with the round, a Redpoint partner joined thredUP’s board.

Total raised

$304M

Funding rounds

6

Latest round

Series F

Latest activity

Aug 2019