ThredUp, whose second-hand goods will start appearing at Macy’s and JCPenney, just raised a bundle
ThredUp, the 10-year-old fashion resale marketplace, has a lot of big news to boast about lately. For starters, the company just closed on $100 million in fresh funding from an investor syndicate that includes Park West Asset Management, Irving Investors and earlier backers Goldman Sachs Investment Partners, Upfront Ventures, Highland Capital Partners and Redpoint Ventures.
The round brings ThredUP’s total capital raised to more than $300 million, including a previously undisclosed $75 million investment that it sewed up last year.
A potentially even bigger deal for the company is a new resale platform that both Macy’s and JCPenney are beginning to test out, wherein ThedUp will be sending the stores clothing that they will process through their own point-of-sale systems, while trying to up-sell customers on jewelry, shoes, and other accessories.
It says a lot that traditional retailers are coming to see gently used items as a potential revenue stream for themselves, and little wonder given the size of the resale market, estimated to be a $24 billion market currently and projected to become a $51 billion market by 2023.
We talked yesterday with ThredUp founder and CEO James Reinhart to learn more about its tie-up with the two brands
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