Poshmark raises $87 million in e-commerce's battle against Amazon
Amazon is trying to take over online shopping, but the original e-commerce platforms aren’t going down without a fight.
Poshmark , a clothing resale platform founded in 2011, just raised $87.5 million in a Series D round led by the Singapore investment company Temasek. The major influx of cash brings the company’s total funding up to almost $160 million. Poshmark’s funding comes just as Stitch Fix, one of the most successful shopping subscription services, is set to go public .
These startups are facing competition from Amazon after the tech giant introduced Prime Wardrobe , an option for customers to try on clothing at home and send back what they don’t want. To compete, fashion startups are doubling down on personalization and styling, which Prime Wardrobe doesn’t offer. Poshmark is also a social platform, with sellers called “seller-stylists” who interact with customers. Read more…