Online fashion startup Poshmark raises $87.5 million from Temasek
The Redwood City, California-based startup has raised $87.5 million from Temasek Holdings. Temasek Holdings Private Limited is a state-owned holding company that can be characterized as a national wealth fund owned by the Government of Singapore. Poshmark has gone through multiple rounds of funding.The funding is the company’s largest investment to date and brings its total financing to about $160 million. Founder & CEO, Manish Chandra, said the new funding will be used to position the company for overseas expansion in Asia and Europe.
Founded in 2011, Poshmark is the largest social marketplace for fashion where anyone can buy, sell and share their style with others. Poshmark’s mission is to make shopping simple and fun by connecting people around a shared love of fashion, while empowering entrepreneurs to become the next generation of retailers. Recognized as the go-to shopping destination for millennials, Poshmark’s community of over two million Seller Stylists help shoppers discover the perfect look from over 25 million items and 5,000 brands.