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Poshmark CEO Manish Chandra (L) with Mayfield's Navin Chaddha (R) at Mayfield's 50th birthday celebration in Can also merely 2019.

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  • Mayfield, Menlo Ventures and GGV Capital are the three VC corporations who were first to support Poshmark and now retain the final note stakes.
  • Poshmark had a spectacular debut as a public firm Thursday. Its portion mark soared 150% to $97.50/portion, so their stakes are worth between $500 million and $1.7 billion apiece, and collectively over $3 billion.
  • They first heard the root for Poshmark via breakfast at a Cupertino chain restaurant, attending a community center vogue conceal, and belonging to an Indian American social club.
  • Three of Poshmark's high VCs mutter Insider in regards to the first pitch, and what impressed them. "I picture Manish's roam as Captain Ahab going after Moby Dick," early investor Venky Ganesan knowledgeable Insider.
  • Talk over with Industry Insider's homepage for more reviews.

Undoubtedly one of Poshmark's earliest investors is Navin Chaddha, managing director of Mayfield, the VC agency who has additionally backed Lyft, Grove Collaborative and Tonal. Chaddha describes first assembly CEO Manish Chandra in 2004 at The Indus Entrepreneurs, a firm for Indian-American tech entrepreneurs. 

"We salvage on smartly, as we were every technologists who were interested by commercial and self-identified folk-first leaders," Chaddha knowledgeable Insider. He ended up advising Chandra on his first startup notion, Kaboodle, a social purchasing provider that became at final sold to Hearst for over $30 million, in line with Techcrunch.

Naturally, when Chandra wished a buddy to brainstorm some ideas for his 2nd startup, he known as his veteran buddy. They met for breakfast at Hobees Restaurant in Cupertino where the root for an app-based entirely social purchasing community became born.

"Manish had identified that the iPhone and Instagram would support as user habits accelerators for mobile and social engagement," acknowledged Chaddha, who is nonetheless on Poshmark's board. That became when the root clicked for Poshmark to be a mobile-first market with social formulation added in, admire Pinterest and Instagram. Poshmark added a desktop version of the app a few years later.

"I be conscious the 2nd, six months sooner than founding Poshmark, when Manish knowledgeable me that he became going to give up his computer computer and merely work on his iPhone," he added.

Since then, Mayfield has participated in every single round of financing since its seed round.

Mayfield at the 2nd holds over 17.3 million Class B shares of Poshmark, in line with the S1 filing.

At the hole mark of $97.50 a portion, Mayfield's stake is now worth almost $1.7 billion.

The yarn of Poshmark began 15 years ago at a vogue conceal, early investor Venky Ganesan knowledgeable Insider. A accomplice at Menlo Ventures, Ganesan described Chandra's roam as a founder as "Captain Ahab going after Moby Dick," he acknowledged.

"It be something he has been chasing, in some methods, his entire existence," he knowledgeable Insider.

Like Mayfield's Chaddha, Ganesan first met Chandra in 2005 via an match at the India Community Heart where they attended a vogue conceal collectively.

"We were two nerdy guys from India who create engineering but have confidence repeatedly had an ardour in vogue," acknowledged Ganesan. "Manish wished to mix the social component of a community where folk discuss about these items and a market where folk can sell it."

Apart from writing the $12 million Sequence B take a look at, Ganesan says Menlo Ventures, in its luxuriate in formula, helped Poshmark make its board. That's which potential that of two years ago, Poshmark's CEO approached Ganesan and requested him to give up Menlo's board seat to salvage room for Jenny Ming, ragged CEO and president of Charlotte Russe. (Tennis valuable person Serena Williams additionally joined the board later that Three hundred and sixty five days).

He acknowledged "I am unable to undoubtedly make an improbable firm if I merely have confidence a bunch of men at the table," recalls Ganesan.

This day, Ganesan says every Jenny and Serena have confidence every been wonderful additions to the board. "I do know she is a 

world-class tennis player, but she acts as an investor and as a board member," acknowledged Ganesan. "I put not think I've had one tennis conversation along with her."

This day, Menlo Ventures holds over 10.3 million Class B shares, in line with the S1 filing. At $97.50 a portion, Menlo's doable stake is now worth over $1 billion.

Hans Tung GGV



GGV Capital


Hans Tung, managing accomplice at GGV Capital first met the Poshmark team in 2005, and straight away saw similarities  to the immensely standard Chinese social purchasing apps. Tung has been a board member since April 2016.

"I loved the app for what it'll be which potential that of I knew about Taobao," acknowledged Tung. Taobao is the Alibaba-owned Chinese online purchasing residing.

"I became very impressed with Manish which potential that of he undoubtedly bought that sellers and investors is regularly so a lot more engaged for oldsters that add community," acknowledged Tung who additionally had merely invested in Xiaohongshu, a social commerce platform for Chinese millennials.

When requested whether he additionally met Poshmark's CEO via the Indian American social clubs, Tung answered, "I'm not portion of any club, but I became knowledgeable I won their admire."

This day, GGV Capital holds over 5.1 million Class B shares, in line with the S1 filing. At $97.50 a portion, GGV's doable stake is now worth merely below $500 million.


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