Goldman Sachs Invests in Secondhand Clothing Startup thredUPMichael J. Moore
Goldman Sachs Group Inc. is leading an $81 million investment in thredUP, an online marketplace for secondhand clothing.
The investment will help thredUP, which specializes in clothing for women and children, expand to meet rising demand, the San Francisco-based startup said Thursday in a statement.
Goldman Sachs Investment Partners, a hedge fund managing client money that was started in 2007 by the firm’s traders, was joined in the financing by existing thredUP investors Trinity Ventures, Highland Capital Partners and Upfront Ventures, according to the statement. The retailer has raised a total of more than $125 million, it said.
“While most brand-oriented consumers have historically held a negative bias toward purchasing secondhand clothing, thredUP is proving it can reverse that perception,” Ian Friedman, co-head of private investments for Goldman Sachs Investment Partners, said in the statement. He will join the startup’s board.