For many women, the closet can become a place for outfits they no longer wear, leaving little room for items they’d like to buy. Threadflip, a new social marketplace for clothing, is launching today to help address that dilemma, giving women a way to sell their fashion while finding new styles to buy from other members. The service is also announcing a $1.3 million investment led by First Round Capital and Baseline Ventures with additional investments from Dave Morin of Slow Ventures, Forerunner Ventures, Greylock Discovery Fund and Andreessen Horowitz Seed Fund.
San Francisco-based Threadflip allows users to upload pictures of clothing, shoes, jewelry and bags to be sold on its community market. Shoppers can browse by category and type from a collection of more than 8,000 items. When an item is sold, Threadflip arranges the transaction and helps sellers deliver their goods to buyers. Since the service started in beta in late December, 30 percent of users are active daily and 10 percent of beta users are buying items, Threadflip said.
Threadflip competes with eBay and other collaborative consumption services like Poshmark, which raised $3.5 million in December, and 99dresses, a new Y Combinator company. Threadflip CEO Manik Singh tells me the company is trying to make its mark by offering a high level of service, including an end-to-end service for sellers. Busy users can just send their items to Threadflip and the service will market the clothes, set a price, take pictures and put the items up for sale. Users who upload their own pictures, get prepaid shipping packages with labels and wrapping material for the items they sell. Threadflip takes 15 percent of the sale from the seller’s side.
“What we’re proud of is the end-to-end user experience, online and offline,” said Singh. “Threadflip is really the easiest way to refresh your wardrobe.”
Singh got the idea for Threadflip after his wife had trouble parting with a pair of expensive boots she no longer wore. Singh, a former VP of product management for Causes, co-founded Threadflip last year with a couple of other former Causes employees.