Poshmark raises $87.5m, launches Amazon Alexa-powered Stylist Match service
Poshmark announced on Tuesday that it has raised $87.5 million in Series D funding, bringing its total funding to nearly $160 million.
The funding round was led by Singapore-based investment company Temasek and included participants Mayfield, Menlo Ventures, GGV Capital, Inventus Capital, Uncork Capital, Union Grove Venture Partners and Cross CreekAdvisors.
The social marketplace that launched in 2011 was first reported in August to be in discussions to raise funds. According to Reuters, the company was eyeing $50 million in funding that would raise its company value to $600 million. Today, Poshmark surpassed the reported goal by over $30 million.
Poshmark plans to use the Series D funding round to build data-driven shopping experiences, expand into new categories, and expand operations in to Asia and Europe in 2018.
In addition to closing its funding round, the social marketplace announced the launch of Poshmark Stylist Match, a voice-enabled social styling engine that utilizes Amazon Alexa.
Much like Perry Ellis’ “Ask Perry Ellis” service, the Poshmark Stylist Match offers style advice and picks outfits for consumers. Those stymied by style conundrums can say “Alexa, ask Poshmark to style me,” and can then select themes such as Athleisure, Date Night, Fall Trends, Cozy Staples, Brunch with Friends, and Cocktail Party, among others. Shoppers will then get matched with Seller Stylists who will send a mix of suggestions to the shopper’s “Dressing Room.”
"Since day one, we've focused on building a highly engaged community, enabling our network of Seller Stylists to deliver a shopping experience that's personal, not just personalized," said Manish Chandra, Founder and CEO of Poshmark.
"With the introduction of social styling, we're revolutionizing the way people shop by combining data, social interactions and people-powered commerce to create the fashion mall for the Instagram generation, and we're thrilled to welcome Temasek as we further scale the company and continue disrupting the $2.4 trillion global fashion industry."
Poshmark currently has a community of over three million Seller Stylists that help shoppers create looks from over 25 million items and 5,000 brands.
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