How Fashion Platform Poshmark Raised $87.5 Million
E-commerce continues to be the focal point of the retail industry. This year, e-commerce in the United States is estimated to surpass the $400 billion mark.
Poshmark is one of the largest social marketplaces for fashion, with over 2 million sellers using the site. Today it announced that it successfully raised $87.5 million in its Series D round of fundraising.
Manish Chandra, Founder and CEO of Poshmark, shares what he plans to use the capital for. He says that right now they are focused on continuing to expand the platform, but don't have any plans to go public quite yet.
Poshmark also announced new Amazon Alexa integration. Poshmark Stylist Match will connect users instantly with stylists on the platform.
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It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
