thredUP Raises $7M in Series B Funding
Led by Redpoint Ventures with Participation from Trinity Ventures and Former eBay CEO Brian Swette
thredUP is an online exchange site for parents centered around children’s clothing. The site also offers swapping for children’s toys, books, and media. The idea for the platform is to provide a less wasteful and more economical way for parents to supply their kids with clothes and other items when they’ve outgrown their use. Each box costs $5 plus a flat rate of $10.95 for shipping, with over ten items in each box. Users can browse boxes based on clothing type, brand, size etc. Launched a year ago, the San Francisco based company will have exchanged its millionth item this month with 1,000 moms joining the site each day.
Total funding to date is now $8.7 million. This funding round will be used to improve core products as well as expanding its toys, books and maternity categories. Tim Haley of Redpoint Ventures and Patricia Nakache of Trinity Ventures will now be on the company’s Board of Directors.
by Paul Fioravanti
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