We’re excited to have such a great group of investors on board and I think this infusion of capital will help us develop our leadership position in the online second-hand children’s clothing market.
Cambridge, MA (Vocus) July 8, 2010
thredUP, the premier kids clothing exchange on the web, today announced that it has completed a new round of funding bringing total committed capital to $1.7M. Trinity Ventures led the round with Founder Collective, High Line Ventures and NextView Ventures participating.
This new funding comes just four months after a seed round helped launch the company. CEO James Reinhart notes, “we’re excited to have such a great group of investors on board and I think this infusion of capital will help us develop our leadership position in the online second-hand children’s clothing market.”
thredUP’s swapping platform aims to bring a new level of affordability, convenience and eco-consciousness to a highly fragmented, billion-dollar market. The service’s best-in-class online interface allows parents to conveniently and affordably exchange boxes of outgrown kids clothing for new items that fit.
The process “to thredUP” is simple – Pick, List & Send. A member logs on and browses boxes of kids clothing by size, season and gender, picking one that best meets their criteria. Then that same member prepares a box of gently worn kids clothes and lists it on thredUP (the shipping boxes are complimentary and come from the US Postal Service). When a box is picked, the listing member sends it on request. thredUP coordinates the home pick-up and delivery of all boxes so members never even have to leave the house.
In just a few short months, thredUP has passed the 10,000 member mark and has already helped parents save an estimated $195,000 in children’s clothing.
thredUP will use this new funding to expand its development team, refine the core product offering and grow its membership base.
About the company
thredUP.com is the brainchild of co-founders James Reinhart, Oliver Lubin, and Chris Homer. Both Reinhart and Homer are recent graduates of the Harvard Business School and all three developed the idea in the Spring of 2009. thredUP aims to help parents “conveniently exchange outgrown kids clothing for clothes that fit.” The company is currently based in Cambridge, MA and is advised by current Netflix CEO Reed Hastings.