Curtsy’s App and Platform
Curtsy is a clothing and retail business startup that has developed an app that makes it easier for people to buy and sell used clothes from all over the world. The startup company’s platform is very similar to company Poshmark, whose recent IPO more than doubled within hours upon debut. However, unlike Poshmark, Curtsy’s process from posting to selling is much more streamlined in order to create a faster, easier process for users.
For users looking to sell, the process requires one to simply post a photo of the item, enter a small description, and set a price. Once the item is sold, the startup will send a prepaid shipping label, making it easier for younger generations who often do not own a printer. The platform created by the startup uses a combination of machine learning and human review in order to properly market the clothing to the right buyers and increase the chances of selling the item quickly.
The ease of use and strong selling tools that the startup offers has made Curtsy a rather popular business in a short amount of time. In fact, the startup has already amassed hundreds of thousands of users, resulting in a $25 million GMV revenue run rate and an average monthly growth of 30%. The company generates the majority of its revenue by taking a 20% share off every sold item. The strong growth numbers, user base, and technology have brought significant attention and funding to the startup.
Curtsy’s Funding and Future Plans
In Curtsy’s Series A funding round, the startup raised $11 million. This brings the total funding for the company up to $14.5 million. The most recent funding round was led by Index Ventures with participation from Y Combinator, FJ Labs, 1984 Ventures, and angel investor Josh Breinlinger. The startup plans to use this funding to develop an Android capable version of their app, which currently is only available on iOS along with investments in marketing to expand the user base and technology to help the platform scale up as it grows.
When commenting on the platform as a whole and the recent funding, Index Ventures executive Damir Becirovic said, “Dedicated platforms are rising that have a tighter relationship with their users and that facilitate more frictionless ways to transact a certain type of good. Curtsy has accomplished exactly this for young women and their desire to buy and sell clothing. Never before have we seen such a strong overlap between buyers and sellers on a consumer-to-consumer marketplace.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.