San Francisco-based online shopping startup ThredUp, which specialises in second-hand clothing for women and children, has raised $US81 million at a valuation of around $500 million.
Re/code reports the capital round was led by Goldman Sachs Investment Partners and appears to be the largest capital injection to date for a second-hand clothing startup.
UpThred has now raised more than $125 million from investors including Upfront Ventures, Trinity Ventures, Highland Capital Partners and Redpoint Ventures.
The investment represents Goldman Sachs’ growing appetite for startups. The Wall Street Journal points out the financial firm has made almost two dozen investments in tech startups this year.
ThredUp co-founder and chief executive James Reinhert says Goldman Sachs was appealing because of the company’s global outlook.
“Goldman spends a lot of time thinking about where markets aren’t working as well as they could and then identifying when there is a company that could go in and augment (how they operate),” he says.
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Kye began his career at a Fairfax daily on the North-West Coast of Tasmania. He has since taken his belongings, and keen interest in technology, to Melbourne. He has a bachelor of Arts majoring in Political Science from the University of Tasmania and a Graduate Diploma in Journalism from RMIT University.
