Clothing swap in online form Threadflip (a service which I’m a power user and fan of, fyi) has just closed its $6.5M Series-A round.
The financing was set at around a $20-25 million post-money valuation according to a source. And it was led by Shasta Ventures with participation from Lowercase Capital and follow on from First Round Capital and Baseline Ventures. Existing investors include Slow Ventures, Forerunner Ventures, Greylock Discovery Fund and Andreessen Horowitz Seed Fund.
The Series A round will bring Threadflip’s total raise to $8.1 million and Shasta’s Tod Francis will be joining the Threadflip board of directors due to the round.
In addition to the funding, Threadflip is launching its iOS app today, which allows users to buy items as well as view new items posted, check out which items are trending and which items are still in their closet. The asap move to iOS is crucial, as competitors like Poshmark have already spent many months on mobile.
Threadflip founder Manik Singh tells me that the company is seeing around 16% of its userbase become sellers, and that it was this key metric that attracted investors.
“We are experiencing strong early growth,” Singh said, “And an investment from a strategic partner will really help accelerate key aspects of the business. The funding will enable us to continue building a world-class team and user experience, empowering our community and creating a fun and unique social shopping experience.”
The company plans on unveiling and refining many new products over the next couple of months, like launching a bigger rollout of the popular White Glove service, and its aforementioned iOS app and soon to come Android and iPad apps.
“The online resale market is a multi-billion dollar industry,” Singh said, “fashion being a key component. Our goal is to get every closet on Threadflip and helping women convert their closets into one of a kind unique boutiques. With over 40% of most women’s closets going largely unworn, this is a huge opportunity.”
And yes, it’s an actual business. Welcome to the new new shopping.
