We are always happy to share great news about our clients. This time is about resale clothing company thredUP. Syndicode team helped to fill the engineering capacity gap in the thredUP R&D office in Ukraine. And now we are proud to announce that thredUP gets $175 million in funding.
The company is making reselling of clothes at up to 90% off retail prices and takes a cut of each sale. For 10 years, the startup has survived several pivots, becoming the largest marketplace for the resale of used women’s and children’s clothing.
The company has five distribution centers and is going to open a sixth by the end of this year. They claim that “by year’s end, thredUP will have processed 100 million used items”.
Last week thredUP, which is the largest American second-hand marketplace at the moment, got $ 175 million investments. The leading investors were Park West Asset Management and Irving Investors. Goldman Sachs Investment Partners, Upfront Ventures, Highland Capital Partners and Redpoint Ventures also participated in the round. The total amount of invested capital in thredUP after the transaction amounted to $ 300 million.
The company’s app reached its peak this past July at 19,000. The startup is going to spend the raised funds on the further development of the platform. To read more on the company’s achievements, read here.
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