Mayfield partner Navin Chaddha and Poshmark founder and CEO Manish Chandra met way back in 2003, well before Poshmark was a twinkle in the eye. They kept in touch over the years, through Chandra’s sale of the startup Kaboodle to Hearst and after he left.
At breakfast one morning, Chandra Chaddha said he would try to do everything from his iPhone for the next six months.
During that time, the idea of Poshmark began to percolate into something more concrete. Chandra, after Kaboodle, knew he wanted to do several things differently. The first was to create an engagement and revenue model that was symbiotic, instead of starting with engagement and having to develop a business model later. He also knew he wanted to start with people first, and build a founding team that had deep DNA in the fashion world to pair with his technical background.
He met Tracy Sun, took her on and came to work.
This was back in 201
“Suffer with love, and the money will come.” It is one of the cornerstone values of Poshmark. The company practiced it early by holding IRL, and then virtual, parties, so that users could show each other their goods and create an engagement cycle that provided instant gratification. The user base grew from 100 to 150 to 1000 and so on.
“To this day, we still use a similar type of strategy in a much more compressed time frame when we go to different countries,” Chandra said. “We focus on building society first and then scaling that society.”
Chaddha and Mayfield led the company’s Serie A deal a decade ago. On the last episode of Extra Crunch Live, Chandra and Chaddha sat down with us and walked us through the original Series A pitch deck (which you can check out below). They also participated in the Pitch Deck Teardown, and gave their expert feedback on decks submitted by the public. If you want your deck to appear in a future episode of Extra Crunch Live, click this link.
Poshmarks Series A tires
Time stamp – 11:00
Poshmark was built on a couple of basic premises. The first was that the iPhone would transform the way we do just about everything. The second was more pointed: The fashion, at a time when technology did not serve, was a process of discovery over a direct search process. A decade ago, Chandra envisioned a fashion market that mimicked real-world shopping – going into a store and letting natural attraction do its thing – without having any stock.