Indian American-led fashion consignment app Poshmark Nov. 14 announced it has closed an $87.5 million Series D funding round.
The company, led by founder and chief executive officer Manish Chandra, has raised $160 million to date, with the most recent funding round led by Singapore-based Temasek and contributions from Menlo Ventures, GGV Capital and Mayfield, among others.
In addition to the new round of financing, Poshmark is introducing its latest product innovation, Poshmark Stylist Match, an in-app social styling engine featuring a voice-enabled skill for Amazon Alexa, allowing shoppers to be styled in real-time by Poshmark's community of over 3 million Seller Stylists.
Founded in 2011, Poshmark has paved the way for the future of shopping by building the most connected commerce experience in the world, with people spending 25 minutes per day on the platform and Seller Stylists sharing seven million items daily, the company said.
With the launch of social styling on Poshmark, the company is reimagining the way people discover fashion by connecting shoppers with Seller Stylists who match their needs through people-matching algorithms, it said.
"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," Chandra said in a statement.
"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," Chandra added.
The company said it will use the latest funding to focus on expanding into new categories and building immersive, data-driven shopping experiences for its community.
The Redwood City, Calif.-based company has 25 million items and 5,000 brands in its inventory and takes a 20 percent commission off each item sold on its platform. According to a Tech Crunch report, Poshmark is profitable and is on track for $100 million in revenue.
(See earlier story in India-West here.)