Poshmark — one of the internet's better-known marketplaces for the purchase, sale and sharing of clothing — has snapped up $87.5 million in Series D funding, according to Wednesday (Nov. 14) reports by Forbes. The investment round was led by Singapore-based investment company Temasak, with additional participation from existing investors including Mayfield, Menlo Ventures and GGV.
All in, the fashion social marketplace has raised $160 million.
Though startup firm Poshmark has not officially released a valuation to go with the latest fundraising announcement, software-as-a-service (SaaS) data, research and technology company PitchBook has estimated the online fashion marketplace is now worth approximately $625 million. While not quite confirming, Poshmark has publicly stated the figure is “not all that far from the truth.”
The new investment will reportedly be put toward building out the company's technology platform with a planned investment in artificial intelligence (AI), a greater push into international markets and toward partnering with more small- and medium-sized businesses (SMBs).
Lead investor Temasek has expertise in Asian markets and may serve as a solid resource for international expansion.
In addition to the funding announcement, Poshmark also recently rolled out a new voice-enabled tool called Poshmark Stylist Match. Designed to work with Amazon's voice-activated assistant Alexa for “themed looks,” the app allows users to ask Alexa for specific attire, provides in-app matches from top stylists and guides the consumer through the personalized experience.
“Customers find everything through styling and curation,” said Manish Chandra, Poshmark's founder and CEO, in a recent interview. “We have a philosophy that the platform is powered by love.”
There is some speculation that Poshmark may be taking a page from subscription fashion service Stitch Fix's playbook, raising one last round of funding before heading off for an initial public offering (IPO). According to TechCrunch reports, the company is on track to bring in $100 million in revenue in 2017, and will be profitable at that time.
Poshmark has declined to comment on that report.