ThredUp, an online marketplace for second hand clothing, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
ThredUp offers an online resale platform for women’s and kids’ apparel, shoes, and accessories. As of December 31, 2020, the company had 1.24 million active buyers and 428,000 active sellers. ThredUp’s platform consists of distributed processing infrastructure, proprietary software and systems, and data science expertise. Since its 2009 inception, the company has processed over 100 million unique secondhand items from 35,000 brands across 100 categories, saving buyers an estimated $3.3 billion off estimated retail price.
The Oakland, CA-based company was founded in 2009 and booked $186 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol TDUP. ThredUp filed confidentially on October 19, 2020. Goldman Sachs, Morgan Stanley, Barclays and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
