Poshmark, the US-based online fashion retailer that counts real estate developer JF Shea as an investor, has filed for a $100m initial public offering on the Nasdaq Global Select Market.
Founded in 2011, Poshmark runs an e-commerce platform with more than 70 million registered users who can buy and sell fashion items from each other. It also utilises artificial intelligence technology to personalise the shopping experience.
The company boosted sales 28% year on year to almost $193m in the first nine months of 2020 and reversed a $33.9m net loss to a $20.9m net profit in the same period. It follows approximately $160m in funding.
Temasek put up $50m to lead Poshmark’s last round, an $87.5m series D in 2017 that included GGV Capital, Inventus Capital, Uncork Capital, Mayfield Fund, Menlo Ventures, Union Grove Venture Partners and Cross Creek Advisors, reportedly valuing it at $600m.
JF Shea’s corporate venturing unit, Shea Ventures, had taken part in a $25m round for the company the previous year. It was led by GGV Capital and also backed by Mayfield, Menlo Ventures, Inventus Capital, Union Grove, AngelList and SoftTech VC.
Shea Ventures, Inventus Capital, Union Grove and existing investors Mayfield, Menlo Ventures and SoftTech VC had already provided $25m for Poshmark in 2015. Its earlier backers include SV Angel and Uncork Capital.
Mayfield is the company’s largest shareholder, with a 26.5% stake, followed by Menlo Ventures (15.8%), Inventus Capital (10.4%), founder and CEO Manish Chandra and Temasek (9.2% each) and GGV Capital (7.9%).
Morgan Stanley, Goldman Sachs and Barclays Capital have been appointed lead book-running managers for the IPO. Stifel Nicolaus, William Blair, Raymond James, Cowen and Company and JMP Securities are book-running managers.
