California-based thredUP, the online platform for swapping children’s accessories, completed a $7 million Series B financing on Friday. Redpoint Ventures led the round with Trinity Ventures and former eBay CEO, Brian Swette participating. Tim Haley of Redpoint Ventures will join Patricia Nakache of Trinity Ventures on thredUP’s Board of Directors. Its aggregate fundraising total is $8.7 million to date. Netflix CEO Reed Hastings and Swette are advisors to thredUP, which was launched by Harvard Business School grads James Reinhart, Oliver Lubin, and Chris Homer.
thredUP Inc, the nation’s leading online platform for swapping kids clothes, toys and books, today announced that it has secured $7M in series B financing, bringing total committed capital to $8.7M. Redpoint Ventures led the round with Trinity Ventures and former eBay CEO, Brian Swette participating. Tim Haley of Redpoint Ventures will join Patricia Nakache of Trinity Ventures on thredUP’s Board of Directors.
This new funding comes just one year after thredUP’s launch and significant company milestones. thredUP will swap its millionth item this month and is now adding over 1,000 moms a day.
“We’ve spent the past year building a remarkable swapping experience for moms across the country. thredUP couples the simplicity of traditional hand-me-downs with a massive online network like eBay. We connect strangers in meaningful ways, enabling them to share things they no longer need and become better citizens of the planet,” said James Reinhart, CEO at thredUP.
“We’re excited to have such a great group of investors on board who share our vision. I think this infusion of capital will help us bring thredUP to the homes of millions of families everywhere. We’ve just scratched the surface of what the peer-to-peer space can become.”
thredUP will use this new funding to expand its development team, refine the core product offering and grow its membership base. The company plans to expand swapping categories such as toys, books and maternity. The team is also exploring international opportunities and loyalty partnerships with major retailers. This funding comes just in time for significant customer acquisition pushes around summer reading and back-to-school season.
thredUP’s swapping platform brings a new level of affordability, convenience and eco-consciousness to a highly fragmented, billion-dollar market. thredUP connects thousands of moms across America to swap gently used children’s goods online. For the first time, parents can exchange boxes of stuff their kids no longer use, for boxes ofclothing, books and toys they actually need – all without leaving the house.
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. The company is based in San Francisco, CA and is advised by current Netflix CEO Reed Hastings and former eBay CEO Brian Swette.