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ThredUP Inc., the online clothing swap service, reports today it has received $1.4 million in a seed funding from a handful of early-stage venture capital firms, bringing the Cambridge startup’s total funding to date up to $1.7 million.
Four firms invested in the round: Founder Collective of Cambridge and New York, as well as Trinity Ventures, High Line Ventures and Nextview Ventures.
ThredUP launched last year with a plan to provide an online clothing swap service for adults, but quickly shifted its focus to moms and children. The service lets parents put up boxes of kids’ clothes and swap for other parents’ hand-me-downs, providing mailing labels for the exchange. The basic service is free, other than shipping and handling. ThredUP is making revenue from a premium on shipping charges, and by charging for premium services on the site – like the ability to see more information about the clothes users are bartering for.
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