Shares of online consignment store ThredUp closed nearly 43 percent above its IPO price on the company’s first day of trading on the Nasdaq.
Subscribe to the Crunchbase Daily
The Oakland-based company raised $168 million through its IPO after pricing its shares at $14 apiece, the high end of its set pricing range. Its shares opened at $18.25 on Friday, 30 percent above its IPO price.
As a private company, ThredUp raised at least $304 million in funding. It last raised a $175 million Series F co-led by Park West Asset Management and Irving Investors in August 2019. Among the largest stockholders in the company are Trinity Ventures, Redpoint Ventures, Highland Capital Partners, Upfront Ventures, Global Private Opportunities Partners, and Park West Asset Management.
The company filed confidentially for an IPO in October 2020 and publicly filed its S-1 in early March 2021. It revealed it generated $186 million in revenue in 2020, up 14 percent from 2019. The company also reported net losses of $47.9 million in 2020, up from $38.2 million in 2019.
ThredUp is among a handful of clothing and accessory resale marketplaces to go public in recent years. The RealReal, a marketplace for authenticated pre-owned luxury items, went public in 2019, and Poshmark, another marketplace for users to buy and sell pre-owned clothing and accessories, went public in January 2021.
The companies have latched onto the trend of younger consumers opting to buy second-hand clothing and accessories, which is considered more sustainable fashion. ThredUp partnered with JCPenney and Macy’s in 2019 to offer second-hand clothing in the retailers’ stores. Both The RealReal and Poshmark also saw their stock prices jump on their first day of trading as public companies.
Illustration: Li-Anne Dias
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.