ThredUP Pulls in $1.4M
Cambridge, MA-based thredUP, an online startup helping parents swap used children’s clothing, said it has raised $1.4 million in Series A-1 funding, led by Menlo Park, CA-based Trinity Ventures. Founder Collective, High Line Ventures, and NextView Ventures also contributed to the financing, which will go to refining the company’s product and hiring staff in engineering and in the Web customer acquisition space, CEO James Reinhart told me. In April I profiled thredUP—which has raised a total of $1.7 million—when it was preparing to launch its kids’ apparel exchange. (It originally started as an online marketplace for used men’s and women’s shirts). It has since acquired more than 10,000 users and saved parents $195,000 in clothing costs, the company says.