Poshmark lands $25m in funding, plans expansion

E-commerce platform Poshmark announced on Wednesday $25 million in new funding led by venture capital firm, GGV Capital, and existing investors. The funds will bring the company's total funding to over $70 million.

The company has focused on building a community of everyday women who can connect, buy and sell from each other - right from their phones. Recently the company also extended its shopping platform into the retail industry, giving both big and independent fashion brands the opportunity to sell merchandise.

"By building a platform that supports its community, the company has been able to foster a uniquely scalable shopping environment where sellers can build social influence to help drive discovery and sales. Poshmark is poised for massive global growth and I'm excited to join them as they become a force to be reckoned with in retail," says Hans Tung, Managing Partner at GGV Capital and an investor in Xiaomi, Wish, RED (Xiaohongshu), Airbnb and Slack, in a news statement.

Poshmark was founded in 2011. The app attracts millions of shoppers and over 1.5 million sellers.

Poshmark lands $25m in funding, plans expansion

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