ThredUp Co-Founder & CEO James Reinhart.  Photo credit: Kimberly White/Getty Images for TechCrunch, licensed under Creative Commons

ThredUp, the popular online thrift store, has announced that it’s confidentially submitted a draft registration statement for an initial public offering (IPO) with the US Securities and Exchanges Commission (SEC). The company is looking to go public after over a decade as a private company and with over $300 million in private backing raised within that period. Among investors in ThredUp who stand to clinch exits in the case of an IPO include the likes of Goldman Sachs, Upfront Ventures, and NextView Ventures.

ThredUp is an online thrift store, particularly a marketplace for buyers and sellers of cheap used clothing. As can be said, ThredUp has found gold in ruins, building a big business by connecting sellers of thrift items to buyers. Along with providing an easy way to get cheap clothing for its users, ThredUp also touts environmental sustainability as one of its strengths, given that it facilitates a process that promotes longer use of clothing and lessens fashion waste.

ThredUp has made its mark in an apparel resale economy that was worth $24 billion in the US in 2018 alone, according to research partly conducted by the company. 

ThredUp sells millions of clothes via its platform, making money by taking a cut from sellers. The company’s confidential filing for a public listing comes just on the heels of a similar company, Poshmark, also doing the same.

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