Thredup, an online exchange for children’s clothes, just announced that it has raised $7 million in a second round of funding.
The site is aimed at parents who want to find a more economical/less wasteful way to update the wardrobe after their children have outgrown their clothes. So if you’re looking for new clothes, you can go to the site, browse different boxes based on clothing type, brand, size, and so on, then choose the box you want. In return, you need to pay $5 (plus shipping costs) and add your own box of clothes that your child doesn’t wear anymore to Thredup’s listings.
The San Francisco company launched about a year ago. Thredup says its users will swap their millionth item sometime this month and that 1,000 new moms are joining the site every day. The new funding will be spent on improving the core product and also adding new swap items like toys, books, and maternity items. (Update: Thredup says that it has a section for swapping toys, books, and media that’s live right now.)
The round was led by Redpoint Ventures, with participation from Trinity Ventures and former eBay CEO Brian Swette. Thredup has now raised $8.7 million.
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