thredUP, a San Francisco, CA-based online marketplace for like-new women’s and kids’ clothing, raised $81m in Series E funding.
The round was led by Goldman Sachs Investment Partners (GSIP) with participation from existing investors Trinity Ventures, Redpoint Ventures, Highland Capital Partners and Upfront Ventures. In conjunction with the funding, Ian Friedman, co-head of GSIP Private Investments, will join thredUP’s Board of Directors.
The company, which has raised more than $125m to date, intends to use the funds to continue to scale its operations and distribution network.
Led by James Reinhart, CEO and co-founder, thredUP is an online marketplace to buy and sell like-new women’s and kids’ clothing. The company accepts clothing from more than 25,000 women’s and kids’ brands, and resells the items for up to 90 percent off the original retail price.
thredUP recently opened a 136,000 square foot facility in Pennsylvania and by the end of next year will open two more facilities and will hire an additional 1,000 employees. By the end of 2016, it expects to process more than two million pieces of clothing each month.