Stuff-swapping site ThredUp gets $14.5M
Kid stuff-swapping website ThredUP landed $14.5 million in venture capital.
ThredUP Inc., an online platform for swapping kids clothes, toys and books, has raised a $14.5 million Series C investment round led led by Highland Capital Partners, with prior investors Trinity Ventures and Redpoint Ventures participating.
The San Francisco company has now secured commitments for more than $23 million, it said. Dan Nova at Highland is joining ThredUP’s board of directors.
ThredUP will spend the money to open several new distribution and processing centers nationwide to handle increasingly high volumes of inventory that people submit in return for about 30 percent of each accepted item's resale value. The company says its process allow through only "flaw-free, like-new clothing," and it estimates online inventory will hit 25,000 new items daily by this time next year.
Co-founder James Reinhart is CEO.
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