Venture capitalists are pouring more money into marketplaces for used clothes. Just a week after Poshmark, a mobile clothing marketplace raised $25 million, rival TheRealReal is also announcing a new $40 million cash infusion.
TheRealReal, which focuses on luxury clothing, jewelry, and art, has raised a new funding round led by Greenspring Associates, with new investors Broadway Angels, Next Equity, and Springboard Fund participating. Existing investors Canaan Partners, e.ventures, Greycroft Partners, InterWest Partners, DBL Partners, and Industry Ventures also backed the company, bringing TheRealReal’s total funding to $123 million. The company declined to disclose its valuation.