Poshmark Secures $25M in New Funding

Mobile shopping marketplaces are gaining traction with consumers and investors alike. From Wanelo to Spring, Keep to Wish, these marketplaces have venture capitalists throwing money at them as their number of users snowballs. The latest to secure a serious round of funding is Poshmark, which plans to reveal today that it raised an additional $25 million, which it will use in part to reach out to brands to expand and build the retail side of its business that sells in-season products. So far this year, Poshmark has driven sales of $200 million. The round was led by Mayfield and Menlo Ventures, with participation from Union Grove Venture Partners, Inventus Capital, Shea Ventures and SoftTech VC. To date, the three-year-old venture has raised over $47 million. Founder and chief executive officer Manish Chandra told WWD that transactions on the platform would more than double to $400 million to $500 million by the end of the year. He also said Poshmark would be among the first to debut an Apple Watch experience, when the highly anticipated smartwatch rolls out later this month. “I originally had this idea [for a mobile marketplace] in 2009 and I didn’t execute on it because I thought image and photo processing

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