ThredUp announced an additional $175 million in funding from investors on Wednesday, bringing its total amount of raised capital to $300 million.
The e-commerce resale company announced on Wednesday it had raised an additional $175 million in venture capital. It is also launching a new platform to help facilitate secondhand clothing partnerships with major retailers. The funding puts ThredUp's total capital raised at more than $300 million, building upon an undisclosed $75 million last year, according to the company.
"As an entrepreneur, the idea of us opening a hundred of our own stores would probably take us forever, but instead we have the ability to work with partners who already understand how to do this very, very well," Reinhart said."We can do what we do best, which is resale, and they can do what they do best, which is engaging the customer in a physical format."with ThredUp.
"We've been experimenting with bits and pieces of [the platform] and over the last year we have learned a lot about how to make this work for our various partners," Reinhart said."Where we've come to today is we now really have a system and a true platform that folks can plug into and we'll just continue to invest in this over time."
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