Totspot, a Mountain View, CA-based social marketplace for buying and selling children’s fashion, raised $1.8m in seed funding.
The round was led by GGV Capital with participation from 500 Startups, Jerry Yang (AME Cloud Ventures), and QueensBridge Venture Partners. In addition to the funding, Hans Tung, an expert in mobile commerce, will join as a Board Observer.
The company intends to use the funds to scale its online presence and support the launch of an Android app, which is expected in Q4 2014.
Launched less than a year ago by entrepreneurs Vijay Ramani and Vikrant Ramteke, Totspot aims to solve the age-old challenge every parent faces when kids grow operating a social marketplace for buying and selling children’s used fashion.
Currently available as a free app for iPhone, iPad and iPod Touch, The platform allows community members to create a user profile and then shop fashions by keyword, size or style. Sellers take a picture of an item, upload it along with a brief description and the system transforms it into a Pinterest-like post.
When items sell, Totspot deposits 80% of the transaction into the seller’s account and keeps a 20% commission. To complete the sale, Totspot sends a prepaid addressed label to the seller to simplify shipping and delivery to the buyer.