Threadflip, a US-based fashion marketplace backed by financial services firm Wells Fargo’s affiliate Norwest Venture Partners, has shut down and revealed it is partnering fashion subscription service Le Tote, according to Fortune.
Le Tote and Threadflip have not disclosed further details about the partnership or whether it constitutes an acquisition. Threadflip’s users have received a 60% discount code to join Le Tote’s service, which enables women to borrow new clothes on a rolling basis.
Threadflip operated a marketplace for female users to sell their second-hand clothes to each other.
The company had raised $21.1m in funding, obtaining $13m in series B capital in 2014 from investors including Norwest, a venture capital firm which manages funds on behalf of Wells Fargo, Shasta Ventures, Baseline Ventures and First Round Capital.
Threadflip’s other backers include Forerunner Ventures, Greylock Discovery Fund, Andreessen Horowitz Seed Fund, Lowercase Capital and Slow Ventures.
Le Tote’s shareholders include GV, the corporate venturing unit of conglomerate Alphabet. The company has secured a total of $27m in funding to date.
Rakesh Tondon, chief executive of Le Tote, said: “This partnership allows us to bring more women than ever that ultimate level of customisation and discovery to their online fashion experience.
“It is a huge opportunity for us to keep growing as a business and providing more resources for customers’ ever-changing life and fashion needs.”