ThredUp, a company that Trinity Ventures’ Patricia Nakache first backed more than a decade ago, has gone public. “The company has come so far, but in many ways, it feels like we are just getting started,” Patricia said. A clothing resale marketplace, ThredUp raised $168 million by offering 12 million shares at $14 a share. The company is listed on Nasdaq under the symbol TDUP. Trinity led ThredUp’s Series A round in June 2010 and has continued to support the company. Patricia joined the board in conjunction with the Series A financing and this past September became chairman.
Patricia said that she met the company’s CEO, James Reinhart, through an introduction from one of her other portfolio company CEOs who had been his business school classmate. At that time, recalls Patricia, ThredUp “was fewer than 10 people and working out of shared office space in Boston.” At the time of the Series A round, the company was focused on enabling the resale of kids’ clothing “through a peer-to-peer swapping model.” She said she was “compelled” to invest for two reasons: “a strong consumer value proposition for moms providing them with a convenient, affordable and sustainable way to shop secondhand, and a super sharp and committed founding team with deep customer empathy.”
Patricia said one of her favorite memories of the past 11 years is what she refers to as “the pivotal moment” when customers were seeking “an easier selling experience” and “reliable quality and faster shipping.” Soon after, James, the CEO, “figured out how to pivot ThredUp to better meet customer needs,” she said. That, in turn, resulted in the company’s currently managed marketplace model. And shortly after, she points out, ThredUp began to also offer the resale of women’s clothing.
Goldman Sachs was the largest shareholder prior to the offering with a 13.7 percent stake. Trinity and Redpoint Ventures each owned 13.6 percent while Highland Capital Partners had 13.5 percent, Upfront Ventures 12 percent and Park West Ventures 11.1 percent. All told, ThredUp raised $305 million, according to Crunchbase.
In addition to Patricia, ThredUp’s board also includes Mandy Ginsberg, who previously served as CEO of Match Group, Inc.; Paula Sutter, a consumer brand consultant who previously served as CEO of TSG Fashion Group and president of Diane von Furstenberg Studio, L.P.; and Marcie Vu, who previously served as a partner and head of consumer technology at Qatalyst Partners.
Patricia’s portfolio includes Caliber Fitness, Side, EAT Club, Inc., Turo, Bevi, LoopNet, Ruby Ribbon, Mayvenn, Life House, Relish, Owler and ManiMe, a stick-on nails company co-founded and led by Jooyeon Song. Patricia is a past speaker at the Women’s Private Equity Summit and the Women’s Alternative Investment Summit. Trinity manages $1.37 billion and invests in consumer and enterprise technology companies.