Quick Pitch: Purchase and sell pre-owned apparel and accessories via your iPhone.
Genius Idea: Four-and-a-half years after their last startup was acquired by Hearst, Kaboodle's founding team is at it again. On Monday, Kaboodle cofounders Manish Chandra and Chetan Pungaliya, along with Tracy Sun and former Kaboodle engineer Gautam Golwala, launched Poshmark, an iPhone app that lets you browse, buy and sell clothing and accessories in just a few clicks.
You can shop and sell items individually or through pre-scheduled shopping events called "Posh Parties," which bring together a number of items under a single category or theme, such as "Coats and Capes" or "Holiday Sparkle." To list an item, you need only snap a photo or two with your iPhone, apply an optional, Instagram-like filter, and add category and pricing details.
There's no listing fee, but Poshmark will take a substantial (20%) cut that includes the cost of shipping and customer support. The company will intermediate if there are issues with a product, but buyers are otherwise unable to file for returns.
One of the app's biggest flaws at present is its lack of filtering options. There's no way to search or browse for items by category; you can only sift through Posh Parties and the listings of users you follow. And although the app is designed to get women to sell clothing out of their closets, there's nothing that would seemingly prevent you or other users from putting other goods on sale too.
Still, we believe the app has potential. It is indeed easier to list items on Poshmark than eBay, and the timed, themed events should keep shoppers coming back for more.
In addition to its launch, Poshmark announced Tuesday that it has secured $3.5 million in Series A funding led by Mayfield, a $2.7 billion early-stage investor fund. Previous Kaboodle investors Kanwal Rekhi through Inventus Capital, Jeff Clavier through SoftTechVC and Ron Conway through SV Angel also participated in the round.
Series Supported by Microsoft BizSpark
The Spark of Genius Series highlights a unique feature of startups and is made possible by Microsoft BizSpark, a startup program that gives you three-year access to the latest Microsoft development tools, as well as connecting you to a nationwide network of investors and incubators. There are no upfront costs, so if your business is privately owned, less than three years old, and generates less than U.S.$1 million in annual revenue, you can sign up today.
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