March 3 (Reuters) - Goldman Sachs-backed secondhand clothing
retailer ThredUp Inc made its IPO filing public on Wednesday,
disclosing a bigger full-year loss ahead of a market debut.
The company, founded in 2009, has processed over 100 million
unique secondhand items from 35,000 brands, according to its
Users download the company's app, or go to the website, and
ship their used apparel, handbags, shoes and jewelry items. The
employees receive the items, make sure they are in good
condition, price them algorithmically, photograph them and ship
them out to shoppers when sold.
E-commerce firms have benefited during the COVID-19
pandemic. A fleet of digital resellers, including ThredUp's peer
Poshmark Inc and ContextLogic Inc, the parent
company of shopping app Wish, have gone public in recent months.
ThredUp, whose investors include Goldman Sachs,
Highland Capital Partners and Redpoint Ventures, said its net
loss widened to $47.9 million for the year ended Dec. 31, 2020,
from $38.2 million a year earlier.
Full-year revenue, however, jumped 14% to about $186
The resale firm said it would use $500,000 from the proceeds
to start an environmental policy function, to advocate the reuse
ThredUp received $175 million in funding in August 2019,
which it said would be used to expand its platform to offer
resale clothing services to retailers. (https://reut.rs/3uUBUdy)
Goldman Sachs and Morgan Stanley are the lead underwriters
for the offering.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak