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THREADFLIP RAISES $13M IN SERIES B: Threadflip, a social marketplace that includes an online consignment feature, has raised $13 million in a Series B round of funding. That’s on top of the $6.5 million Series A round that closed in June 2012.
The latest round was led by Norwest Venture Partners, with participation from earlier investors in the Series A round. They include Baseline Ventures, First Round Capital and Shasta Ventures. Including $1.6 million from seed investors, the total raised by Threadflip is $21.1 million.
Threadflip said the funding will be used to grow its concierge service. The service allows users to order a prepaid shopping bag, fill the bag with items for sale, and once the items sell, receive cash or Threadflip credits for purchasing items on the site. Threadflip photographs the items it receives and uploads them onto its site. Users also can create and manage their own listings using photos they take and filling out a simple sell form.
Manik Singh, chief executive officer, said, “We started Threadflip to eliminate the friction and expense of buying coveted brands.”
The company said users of the site on average return once every two weeks to make another purchase.
Josh Goldman, Norwest’s general partner, said that Threadflip is “changing the social paradigm of buying used clothing.”