Thread up site11/23/2023 ![]() ![]() The funding comes as the crowd of startups targeting the space is thinning out. “We found that over half of their customers had not purchased pre-owned clothing in the year prior to becoming a ThredUp.” “While most brand-oriented consumers have historically held a negative bias toward purchasing secondhand clothing, ThredUp is proving it can reverse that perception,” said Ian Friedman, co-head of GSIP Private Investments and new ThredUp board member, in a statement. The company says that more than a third of its customers have a household income north of $100,000. ThredUp is one of a host of startups trying to bring the idea of secondhand shopping online while making it more mainstream. “ight now we have the best business nobody’s ever heard of,” he said. Reinhart said in an email that the new money would be used in part to add at least two warehouses to its current two and to start advertising more aggressively. The company has now raised more than $125 million in total from investors including Upfront Ventures, Trinity Ventures, Highland Capital Partners and Redpoint Ventures. CEO James Reinhart declined to comment on the valuation and whether any of the funds would be used to buy shares from early investors or employees. ![]() The investment appears to be the largest to date in a company specializing in the sale of secondhand clothing. ![]() The San Francisco-based shopping site, which sells secondhand clothing for women and children, has raised an $81 million investment led by Goldman Sachs Investment Partners that a source says values the company at around $500 million. The shakeout in the online used-clothing industry is here, and ThredUp is looking to separate from the pack. ![]()
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