Poshmark, an online fashion platform for buying and selling second-hand items, raised $87.5 million in a funding round led by Singapore’s state investor Temasek Holdings. Morgan Stanley advised Poshmark on the financing round. Poshmark’s previous investors include venture capital firms GGV Capital, Menlo Ventures, and Mayfield.
The funding total is the company’s largest to date and pushes its total financing to nearly $160 million. The California based startup plans to use the investment for overseas expansion. The Temasek-led financing offers Poshmark a potential strategic partner for its planned expansion into Asia next year, said Poshmark CEO Manish Chandra in a statement. Poshmark, which currently operates only in the United States, is also planning on launching in Europe in 2018.