Online used clothing retailer ThredUp said Wednesday that it has filed a confidential registration statement with the U.S. Securities and Exchange Commission for an initial public offering. The company said it has not yet determined the size or price range for the offering.
The company is targeting early next year for its IPO, Bloomberg reported in August, and could raise between $200 million and $300 million in the offering. Goldman Sachs, one of ThredUp’s Series E investors, is reportedly advising the startup on the listing.
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ThredUp was founded in 2009 and has raised more than $305 million in venture funding, per Crunchbase data. The San Francisco-based company’s most recent valuation, following a $175 million Series F funding in September 2019, was $650 million, per PrivCo data made available to Crunchbase. That round was led by Irving Investors and Park West Asset Management.
In a report earlier this year, ThredUp said that the online market for resale clothing is expected to grow 27 percent in 2020, to about $9 billion. It predicted the market could reach $36 billion by 2024.
“For all the challenges Covid posed to our assumptions about consumer behavior, one thing is clear: consumers everywhere are prioritizing value and accelerating the shift to thrift,” ThredUp President Anthony Marino said in a statement accompanying the report. “When times get uncertain, we all focus on our family balance sheet. Brands whose core proposition delivers value and convenience have the opportunity to gain share. Amazon, off-price, and resale are emerging as winners.”
Illustration: Dom Guzman