Source: Business Insider
Summary List Placement ThredUp is the latest resale platform to go public. The resale marketplace raised $168 million in an initial public offering on Thursday, pricing its 12 million shares at $14 per share, joining the ranks of other reselling platforms that have gone public in the last few years. It was up by as much as 26% in early trading, indicating investor appetite remains strong for resale. According to research from ThredUp, the resale sector is projected to grow from $28 billion to $64 billion by 2025, despite current headwinds faced across the entire retail industry. “All the big trends are in our favor,” ThredUp CEO and cofounder James Reinhart said in a Friday morning interview with Insider. According to a filing with the Securities and Exchange Commission, ThredUp’s revenue was $186 million in 2020, up 14% over 2019. ThredUp is one of multiple resale platforms that saw an uptick in site engagement and sellers during the pandemic. In June, Reinhart said a wave of “conscious” shopping among consumers was making value a major priority.