Mayfield accomplice Navin Chaddha and Poshmark founder and CEO Manish Chandra met all the way in which again in 2003, effectively earlier than Poshmark was even a glimmer in his eye. They stayed related over time, via Chandra’s sale of his startup Kaboodle to Hearst and after he left.
At a breakfast one morning, Chandra informed Chaddha he was going to attempt to do every little thing from his iPhone for the subsequent six months.
Over the course of that point, the thought for Poshmark began to percolate into one thing extra concrete. Chandra, following Kaboodle, knew he needed to do a number of issues otherwise. The primary was create an engagement and income mannequin that was symbiotic, slightly than beginning with engagement and having to construct out a enterprise mannequin later. He additionally knew he needed to start out with individuals first, and construct a founding group that had deep DNA within the vogue world to pair together with his technical background.
He met Tracy Solar, introduced her on, and set to work.
This was again in 2011, and Chandra was completely adamant that he needed Poshmark to be an app, not a web site. So adamant, in reality, that in beta he truly offered 100 customers with video iPods. (He recalled that he solely obtained 20% of them again.)
“Lead with love, and the cash comes.” It’s one of many cornerstone values at Poshmark. The corporate practiced that early on by holding IRL, after which digital, events, permitting customers to point out one another their wares and create an engagement cycle that provided prompt gratification. The person base grew from 100 to 150 to 1,00zero and so forth.
“We nonetheless to this present day use an identical type of technique in a way more compressed timeframe as we go to completely different international locations,” mentioned Chandra. “We concentrate on constructing the neighborhood first after which scale that neighborhood.”
Chaddha and Mayfield led the corporate’s Sequence A deal a decade in the past. On the most recent episode of Further Crunch Stay, Chandra and Chaddha sat down with us and walked us via that unique Sequence A pitch deck (which you’ll try under). In addition they participated within the Pitch Deck Teardown, giving their skilled suggestions on decks submitted by the viewers. If you happen to’d like your deck to be featured on a future episode of Further Crunch Stay, hit up this link.
Poshmark’s Sequence A Deck
Time stamp — 11:00
Poshmark was constructed on a pair elementary premises. The primary was that the iPhone would remodel the way in which we do nearly every little thing. The second was extra pointed: That vogue, on the time underserved by know-how, was a discovery course of over a direct search course of. A decade in the past, Chandra envisioned a vogue market that mimicked buying in the true world — stroll into a store and let pure attraction do its factor — with out holding any stock.