Poshmark receives $3.5 Million Series A Funding
Manish Chandra, Founder of California based Kaboodle, launched Poshmark, an e-commerce store with a fund of $3.5 million. The fund was raised in a Series A funding from Mayfield Fund and the investors of Kaboodle, Kanwal Rekhi through Inventus Capital, Jeff Clavier through SoftTechVC and Ron Conway through SV Angel. He also launched the company's new mobile app that will enable users to browse, buy, sell and trade items of clothing. Users can also sell their old items. The Poshmark app is currently being sold at Apple's AppStore for iOS.
Co-Founded in 2011 by Mahinsh Chandra, Gautam Golwala, Chetan Pungaliya and Tracy Sun, the idea of Postmark emerged to Chandra when one day he entered his closet and saw bags of unopened items that were barely used. Thus, he created Poshmark, which allows anyone to list their items easily by taking a picture of the items, uploading it directly into the app, choosing a list price and adding a title. If someone buys a given user's item, the company processes the credit card information of the buyer as well as sends the seller a shipping label. The seller posts the item and when the buyer gets the package, he or she receives it on the app and payment is released to the seller. Poshmark takes a commission of 20 percent on all sales. It also organizes parties with fun themes to help people to add to list and add to the fun.